Roden says no to Rolls
10th June 1977, Page 5
10th June 1977
Page 5
Page 5, 10th June 1977
— Roden says no to Rolls
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DIRECTORS of Fodens have formally rejected the £8.4 million bid made for the company by Rolls-Royce Motor Holdings. The board is to write to its shareholders explaining the reason for the rejection.
The refusal has come after formal discussions of the offer by Fodens' board which was hostile to the bid from the start and there has been no contact with Rolls-Royce.
In a statement, Fodens' hoard described the bid as "completely unacceptable," and said that it was not in the best interests of the company's shareholders.
When news of the rejection of the bid reached the Stock Exchange, Fodens' shares rose to 46p.
They reached 44p in response to the offer which was worth an estimated 4Ip — 36 per cent up on the pre-bid price.