Healing the bidder
Industrial Chemicals (NZ), Ltd. appears to be continuing, its discussions with an unnamed third party, after the confirmed take-over bid from Healing Industries, Ltd. After an Industrial Chemicals’ board meeting on Fri- > ' day the directors had not come to a decision on any recommendation to share-’ ■ holders over the Healing offer. This' would suggest continuing discussions with a
third party, either on a possible better offer to Industrial Chemicals’ shareholders or a defensive move. At an extraordinary meeting of shareholders earlier in the day (called to sanction a proposed one-for-eight bonus issue) the chairman (Mr A. M. Hughes) revealed that the offer announced on Wednesday night had come from Healing, and that Industrial Chemicals had had “very
informal” discussions with another company “some weeks ago,” “As to whether anything will come of this, is not known to the board,” Mr' Hughes said. . " / The managing director (Mr F. K. Brown) said after the board meeting that the earlier unofficial talks with the third party had “not come to any stage where they could influence things.”
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Press, 1 March 1982, Page 24
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177Healing the bidder Press, 1 March 1982, Page 24
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