Corama makes ‘final offer’ for IEL

Press, 21 August 1989, Page 14

Corama makes ‘final offer’ for IEL

NZPA-AAP Sydney Corama Pty’s Aust24oc (NZ3lOc) a share cash offer for Industrial Equity is the “full and final offer,” lEL’s managing director, Mr Rod Price, said. Mr Price said Corama’s offer was forced by the opposition of lEL chairman and founder, Sir Ron Brierley, to Corama’s purchase of only 52 per cent of lEL from Brierley Investments and Goodman Fielder Wattie. He said the new bid for all shares should satisfy

the objections of both Brierley and John Spalvins’ Adelaide Steamship Co, which holds just over 12 per cent of lEL. Corama, 75 per centowned by Abe Goldberg, and 25 per cent by Mr Price and fellow executive, Mr Bill Loewenthal, said the full bid was subject to financing and a minimum acceptance of 75 per cent. Mr Price said Corama’s preferred holding was 52 per cent, but it did not want “to be stuck at the 60 or 65 per cent level”, which was why the mini-

mum acceptance level of 75 per cent was decided on.

“It’s not mandatory that we get to 100 per cent, but unless we get to 75 per cent the whole thing collapses,” he said. Meanwhile, Goodman Fielder Wattie said in a statement to the Australian Stock Exchange that the last date for a meeting required by the agreement between itself, Abe Goldberg and Corama for the sale and purchase of lEL shares may now be held from September 15, 1989, to October 31, 1989.