18 October 2005
Godfrey Hirst Takes Feltex Merger Proposal Off The Table
Godfrey Hirst today confirmed that it is no longer in active discussions with the Board of Directors of Feltex Carpets
regarding a potential merger of the two companies.
Finance Director Jim Walsh said it became clear during a meeting yesterday that the merger proposal was unlikely to gain
the support of the Feltex Board.
“While we continue to believe that the merger proposal was an attractive one for Feltex shareholders, it could only have
been achieved with the support of the Feltex Board. However, we have agreed to explore rationalisation opportunities
that could extract potential benefits for both companies,” he said.
“As Feltex’s largest shareholder we will continue to monitor the company’s restructuring progress closely to determine
if the expected savings are able to be realised.”
Walsh said while the company was disappointed it could not reach an agreement with Feltex it was now moving on and would
continue to develop its business in both New Zealand and Australia.
ENDS