Goodman settles for 19.9% of IEL
NZPA Wellington Goodman Fielder Wattie, Ltd, has completed the purchase of 19.9 per cent of Industrial Equity, Ltd, from Brierley Investments, Ltd. BIL will sell a further 31.9 per cent of lEL to Goodman as part of the latter’s full takeover offer for the company. BIL said yesterday Goodman had paid 5A374.4 million (5NZ656.84 million) cash for the 19.9 per cent, or 240 c per share for 156 million shares. The Goodman offer puts a value of sAustlB,BBl.34 million on lEL.
As part of the takeover agreement between BIL and Goodman, announced on June 7, the former will buy back from Goodman all of lEL subsidiary Woolworths, Ltd.
The price on this will be the greater of SAIOOO million or the book value of Woolworths shares at June 30 plus SAISO million, which the parties have said will be about SAUOO million.
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Press, 22 June 1989, Page 28
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148Goodman settles for 19.9% of IEL Press, 22 June 1989, Page 28
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