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Bid for LUT succeeds

30th June 1972, Page 22
30th June 1972
Page 22
Page 22, 30th June 1972 — Bid for LUT succeeds
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Which of the following most accurately describes the problem?

• Mr Henry Gethin Lewis, director of several engineering companies in the North, has been successful with the bid he made earlier this month on behalf of his Wigan, Lancs. coachbuilding company, Lanaten, for Lancashire United Transport (CM June 2 1972).

The bid of £24m had the full support of SELNEC PTA for whom Lanatert's associated company, Northern Counties Motor and Engineering Co Ltd, supplies bus bodies.

It was revealed this week that the Lanaten offer for LUT has been accepted in respect of over 91 per cent of the Ordinary shares and 87.5 per cent of Preference shares.

SELNEC has the right to buy up LUT assets for the same price paid by Mr Lewis any time after December 31 197$ and is expected to do so in 1976. There will soon be talks to renegotiate the SELNEC /LUT passenger service route agreement.