Tecalemit/Dennis merger off
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• The boards of Tecalemit Ltd. and Dennis Brothers Ltd., in consultation with their respective advisers, have decided not to proceed with the proposed merger.
A professional revaluation of the freehold and leasehold property of Dennis Brothers dated April 20 has disclosed a surplus over book value of approximately £1,500,000 which compares with a surplus of £1,127,296 as at September 30 1965. The accounts of the company for the period from October I 1968 to April 13 1969 have been completed and the half-yearly statement to be issued in a few days will show a loss of about £60.000 before tax adjustments.
The increased divergence between the valuation of Dennis Brothers based on assets and the valuation based on earnings has made it impossible, says a Dennis statement, to reconcile the terms of a merger which would be acceptable to the shareholders of both cornpanies.