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Article: Processor News.
- Article from:
- Plastics News
- Article date:
- January 17, 2000
CopyrightCOPYRIGHT 2000 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MM shareholders told to reject takeover bid
SYDNEY, AUSTRALIA -- Shareholders in Sydney-based Metal Manufacturers Ltd., which owns 50 percent of Sydney-based plastic pipe manufacturer Vinidex Tubemakers Pty. Ltd., have been urged to reject a takeover offer by U.S.-owned Marsh Electrical Pty. Ltd.
Marsh is a wholly owned subsidiary of Consolidated Electrical Distributors Inc., based in Los Angeles.
Marsh already has a 33.5 percent stake in Metal Manufacturers, following its first takeover offer last year.
In November Marsh offered about A$54 million (US$34.9 million) for all the remaining shares, then increased the offer to about A$58.5 ...