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Hay's wharf bid
29th April 1977, Page 7
29th April 1977
Page 7
Page 7, 29th April 1977
— Hay's wharf bid
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OCEAN Transport and Trading has made a £22.2 million bid for the Hay's Wharf company. But the offer is being fought off by Hay's directors who have described it as "inadequate".
The offer is conditional on the board of Hay's Wharf recommending the Ocean bid to its shareholders.
Terms of the bid are 135p a share in cash or nine Ocean shares for every 10 Hay's shares — and this is said to be almost 30 per cent above the market price for Hay's shares.
News of the bid came on Friday when Ocean group chairman Sir Lindsay Alexander wrote to Hay's chairman Sir David Burnett telling him that there would be an offer.