T.D.G. to Clinch Australian Deal
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HAVING received acceptances from the holders of more than 75 per cent of the 3,478,000 Ordinary stock units of Cargo Distributors Ltd., the Transport Development Group has declared its offer unconditional, which means that it now intends to go ahead with the take-over whether or not acceptances reach the figure of 90 per cent originally envisaged. The unconditional declaration is subject to the London Stock Exchange council granting quotation for the shares of T.D.G. to be allotted as part of the purchase consideration.
The offer by T.D.G. in respect of the share and cash consideration (one T.D.G. Ordinary share and A3s. for each Cargo Distributors stock unit) has been extended until June 4, but acceptances of the wholly cash offer closed on Monday last.
It is understood that two Transport Development directors are already in Australia to deal with the details of the acquisition.