Holyman To Back New Lang Bid

October 15, 1999

Holyman Ltd.'s board of directors will recommend a fresh $.71 a share takeover bid from Lang Corp Ltd. Lang Corp increased its cash offer from $.61, topping a rival $.66 a share bid from Adsteam Marine Ltd. The new bid values Holyman at about $82.5 million, compared with just $53.5 million at Adsteam's original bid price of $.46. "We have discussed it and obviously we think it's good news for shareholders," managing director James Bryant said. "The board of directors will recommend that shareholders accept in the absence of another bid," he said. Adsteam Marine chief executive David Ryan said the company would consider its next move. "We will look to see exactly what it all means tomorrow, and I will discuss it with our board and we will make an informed decision in the fullness of time," he said. Holyman has announced the sale of its U.K. ferry business since the takeover was launched, but Bryant said he did not believe the underlying value of the business had changed. "Maybe some of the perceived risk has changed, but that's more perception than reality in my view," he said. "What we are seeing now is that interested parties are looking at the underlying value of our redefined core business of specialized shipping and transport in Australia."

Holyman To Back New Lang Bid

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