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CF fight takeover by Fruehauf Corp USA

22nd October 1976
Page 22
Page 22, 22nd October 1976 — CF fight takeover by Fruehauf Corp USA
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Which of the following most accurately describes the problem?

CRANE FRUEHAUF have rejected as "derisory" a take over bid by the Fruehauf Corporation, of Michigan USA, who already own a third of the company.

The Corporation offered 27p a share in cash for the Crane Fruehauf company subject to the bid not being referred to the Monopolies Commission and subject to permission from the Bank of England.

In a statement to shareholders Crane Fruehauf chairman Mr L. H. Allwood said, "In the light of the improved trading results for the halfyear to June 26 and the excellent prospects for the future the offer by Fruehauf Corporation is derisory."

The statement tells shareholders there were technical links between the two companies in the 1960s under a licence agreement which will expire in the near future.

"Your company is not dependent on Fruehauf in any respect," says Mr AlIwood, "it has not received any worthwhile technical assistance since the 1960s and is perfectly capable of continuing to function independently of Fruehauf," he said.

Crane Fruehauf's board still has four non-executive American directors members of the Fruehauf board.


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