Wm. OFFER FOR PERKINS BY MASSEY-FERGUSON
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THE report in The Commercial Motor last week that Massey-Ferguson Holdings, Ltd., were making a bid for the capital of F. Perkins, Ltd., has been confirmed. An offer of 17s. 3d. in cash has been made for each of the 5.2m. Perkins 10s. ordinary shares. The deal involves about £4-1m.
The directors of Perkins have recommended acceptance of the offer. MasseyFerguson would maintain supplies of engines to existing customers of F. Perkins, Ltd.
If the offer were accepted, Mr. Frank Perkins would relinquish his post as joint managing director and receive £30,000 compensation. Two other directors, Sir Richard Yeabsley and Mr. G. P. Ritchie, would be paid £4,375 and £2,500 respectively. Mr. M. I. Prichard, Mr. W. N. Collins, Mr. T. H. R. Perkins and Mr. K. E. Woollatt would continue as directors for at least five years.