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New Herscu bid rejected
SYDNEY: Mr George Hcrscu
lifted his partial bid for Hooker
Corporation by 20c a share to
$2.40 last night and made the bid
unconditional.
However, the increased price
failed to impress the board of
Hooker Corporation, which re
sponded quickly with a
statement rejecting the revised
bid.
The chief executive of Hooker,
Mr Barry Glover, said that the
bid was equal to $2.34 a share,
because Hooker's 6c a share
dividend would be sent to
shareholders in 18 days time.
"A bid of $2.34 is equal to a
price earnings ratio of just 8.4,
based on our forecast profit of
$50 million this year," he said.
"The price has been increased by
less than 10 per cent, and it's still
a partial bid. Let them make a
full bid at a decent price, and
Herscu can do what he wants."
Mr Herscu, through his whol
ly-owned company GSH Finance'
Pty Ltd, launched his attack on
Hooker on September 24, bid
ding $2.20 a share cum-dividend,
to take his holding to 44 per cent
of issued capital.
GSH already held 19.99 per
cent of Hooker's 180 million
shares, having paid $2.40 a share
cum-dividend for Chase Corpo
ration's holding in the company.
$