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Takover fight

5th November 1976, Page 28
5th November 1976
Page 28
Page 28, 5th November 1976 — Takover fight
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CRANE FRUEHAUF have formally rejected an offer by the Fruehauf Corporation of Michigan USA for the 67 per cent of the company's share capital that they do not already own.

The Corporation offered 2'7p a share in cash for the company but Crane Fruehauf chairman Mr L. H. Allwood rejected the offer as "derisory."

In a statement he said: "In the light of improved trading results for the half year to June 26 and the excellent prospects for the future, the offer by the • Fruehauf Corporation is derisory."

He pointed out to shareholders that the company was not dependent on the Americans for anything — despite the fact that it does have four American directors on its board.