Crane swings into action
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RANE 'Fruehauf is now ghting off a new bid from its merican shareholder the ruehauf Corporation for the !maining two-thirds of the )mpany that it does not ready own.
The bid price for the shares 61p — but Fruehauf has ready said this price includes le right to all dividends inounced and paid after .ptember 22.
This week, a Crane Frueluf spokesman said the impany has written to iareholders recommending tat they reject the bid. "In the Anion of the UK directors id Barclays Merchant Bank, ie offer is unacceptable since is worth less than 61p with ie dividend rights," he said. -The company would fight ruehauf "all along the line." The new offer comes a onth after the Monopolies ommission decided it would it be against the public terest for the Americans to ike over the British name Fruehauf's new offer comires with 27p a share offered ,7 the company in autumn 176. Crane shares closed at lp this week.
Offer documents submitted ,/ the American company say rane should show a "subantial improvement" on the ..51 million profit recorded st year.