MERGER PLANNED OF BIG CHAIN STORES IN AUST.
SYDNEY, April I.
Two large chain stores, G. J. Coles and Co., Ltd., and Selfridges (Australasia), Ltd., have announced plans to merge
An- offer has been made by Coles to the shareholders of Selfridges for the ncauisition of their shares—five Coles' shares of 5s each for each £1 share in Selfridges. Selfridges’ shareholders will receive the shares in Coles after Coles make a bonus issue.
Coles’ 5s shares are now quoted at £9 7s Oid.
The chairman of Selfridges, Mr. J. W. Austin, in a letter to the shareholders, savs that on the basis of the Stock Exchange value af Coles shares, ha exnects that the effective price of Seliridees’ shares will be more than £5. On March 16 the directors of Selfridges advised the shareholders not to sell their shares. Since then the price of Selfridses’ shares ha 3 risen from 46s 3d to 755.
The managing director of Coles,, Mr, E B. Coles, said G. J. Coles would be the largest chain store organisation in Australia and New Zealand after the merger.
The company would be operating 140 stores in the chain, including two in New Zealand.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/GISH19500403.2.78
Bibliographic details
Gisborne Herald, Volume LXXVII, Issue 23219, 3 April 1950, Page 7
Word Count
197MERGER PLANNED OF BIG CHAIN STORES IN AUST. Gisborne Herald, Volume LXXVII, Issue 23219, 3 April 1950, Page 7
Using This Item
The Gisborne Herald Company is the copyright owner for the Gisborne Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of the Gisborne Herald Company. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in