BUTTERFIELD, SHELVOKE MERGE
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AGREEMENT has been reached between W. P. Butterfield Ltd. and Shelvoke and Drewry Ltd. for the merger of the two companies, subject to approval of the shareholders.
The merger will be effected by an exchange of shares and Butterfield will make an offer for the whole of the issued capital of Shelvoke on the basis that for every five Ordinary shares held, Shelvoke shareholders will be offered eight Ordinary shares in Butterfield.
Following the merger, Mr. R. M. Davenport, chairman of Shelvoke, will be invited to become chairman of the combined group and a further two directors of Shelvoke will be invited to join the Butterfield board. Mr. A. J. Butterfield, chairman of Butterfield, will become president of the combined group.
Butterfield manufactures heavy engineering products, hydraulics and refuse disposal systems. Shelvoke manufactures specialized municipal vehicles and heavy-duty fork-lift trucks. Both companies have valuable municipal connections.