Outcome of struggle for PWL in August
The outcome of the struggle for control of Pharmacy Wholesalers (South Island), Ltd (PWL), will probably be known early next month. Stevens KMS Corporation, the Auckland-based listed pharmaceutical group, and Community Pharmacy, Ltd (CPL), the Hamilton-based pharmacy co-operative, have been vying for control of the South Island pharmacy wholesaler, which has 180
pharmacy shareholders and a turnover of $27 million. The chairman of PWL, Mr Neil Thompson, said last evening that an announcement on the offers could be expected early in August.
Both North Island companies were asked to supply higher offers for PWL, after Stevens was successful in obtaining an interim injunction on June 20 delaying the rival bid by
PWL sought to break the impasse by asking both companies to submit new offers by last Wednesday.
Mr Thompson said last evening that both companies had given indications to PWL of their respective positions. The directors of PWL had met on Thursday evening and “we’re still working on these offers,”, he said.
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Press, 22 July 1989, Page 27
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170Outcome of struggle for PWL in August Press, 22 July 1989, Page 27
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