LAST HURDLE CLEARED IN CAMPBELL TAKEOVER BID FOR AUSTRALIA'S ARNOTTS LTD.
CAMDEN, N.J., Dec. 31 /PRNewswire/ -- Following a favorable ruling by an Australian court, Campbell Soup Company (NYSE: CPB) announced today it will extend to Jan. 28 its tender offer for shares of Arnotts Ltd., Australia's leading cookie and cracker manufacturer. The offer had been scheduled to expire Jan. 12, 1993. The decision of the Supreme Court of New South Wales clears the last technical hurdle in Campbell's takeover bid for the Australian company. Campbell said its offer price of $8.80 (Australian) remains in effect as "full and fair" and that its representatives will meet immediately with Arnotts Australian institutional shareholders. Campbell maintained in court that the 1985 "Heads of Agreement" (letter of intent) had been honored and could not be used to limit its control once its shareholding in Arnotts exceeded 40 percent. The Supreme Court upheld that view. "The purpose and effect of the agreement was to prevent a shareholder having less than 50 percent of the issued capital, but having a shareholding which would normally give control in fact, from having control (and in Arnotts terms, not having paid for control)," the court said. /delval/ -0- 12/31/92 /CONTACT: Leonard F. Griehs, 609-342-6428, or Kevin G. Lowery, 609-342-8533, both of Campbell Soup/ (CPB)
CO: Campbell Soup Company; Arnotts Ltd. ST: New Jersey IN: FOD SU: TNM
JS -- PH003 -- 0841 12/31/92 09:31 EST
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|Date:||Dec 31, 1992|
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