Atkinson/ERF battle continues
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• Shareholders in Atkinson Lorries (Holdings) Ltd. last week received a detailed document setting out the reasons why their board of directors advised them to reject the takeover offer made last month by ERF (Holdings) Ltd.
The main reasons given are: "The profits before tax for the year ending March 31, 1971 are estimated at £.750,000. On this basis ERF are attempting to acquire Atkinson on an estimated price earnings ratio of only 7.2 times".
And: "The income of ordinary shareholders would be reduced by approximately 18 per cent and that of the preference shareholders by over 47 per cent."