Bright bid for CF
Page 7
If you've noticed an error in this article please click here to report it so we can fix it.
CRANE FRUEHAUF'S board has recommended its shareholders to accept a new bid for the company from the Inchcape group.
The new bid is worth 81p a share for the British company's shares and puts lip on the last Fruehauf Corporation of America bid of 70p which Fruehauf described as being "over generous" in its offer document.
Now the three companies must wait for the shareholder to make their decision oi whether to sell their shares t1 Inchcape — but it is though that Inchcape will be suc cessful.
A Crane spokesma: commented: "If we have to g it is better to go to a compan that will allow us to compet in Europe. It is not just th money, the Inchcape offe would allow us to sta British."
The Inchcape offer is 2 Inchcape shares at 3'75p share for every 125 CF shark with an alternative Sip cas offer.
Already around seven pt cent of the equity in CF been promised to Inchcap but another offer is expect€ from Fruehauf to turn tI situation into a battle for coi trol of CF.
And this week rumours th. Fruehauf might try for a tak over of York Trailers if the C bid fails were not denied York chairman Fred Davies. haven't told them that York for sale, but if they don't g Crane then it would be logic for them to come knocking ( our door," said Mr Davies.
"We have met; I know tl company quite well — I used work for them," said lk Davies, "and I wouldn't gre an offer with derision — but would have to be one hell o: price," he warned.