Page 2. The Herald, Thursday, November 23, 1978

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THURSDAY 5 p.m. to midnight
KING CFTK BCTV KCTS
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200 Magoo's Love Stars MacNeil
15 Xmas Boat On Ice Lehrer
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215 Thief Miller Woman ‘The
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18 Cont'd Night It Up oat,
30 Cont'd Movie Soap Cont’d
45 Cont'd ‘SWAT - Cont'd Cont'd
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2 30 Cont'd. Cont'd Song in ‘Columbo’
3 :45 Cont'd. Cont'd. My Heart’ Cont'd.
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s ‘oo 6 | The New Canadian Webster Electric
a] EE. (15 | High rollers Schools Cont'd. Company
im a i 30° ° [Wheel of Mister What's Big Blue
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4 :45 |Our Lives Tomorrow Matinee Wings’
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_

TORONTO (CP) — G.
Allan Burton, chairman of
Simpsons Ltd., said Wed-
nesday there are too many
uncertainties to make any
conclusions about the bid by
Hudson's Bay Co. to. buy
control of the company.

Until the ‘situation is
clarified, he said in a
statement following a
meeting of the board of

adopt the policy of “business
as usual.”
This means that Simpsons

a will proceed with plans to
m merge its operations with

Eimpeons‘SEARE Lid. by
Jan.31.

Burton said the board

considered the Hudson's Bay
proposal but declined to
make a recommendation to
shareholders until the un-
certainties are resolved.
Among the uncertainties

® mentioned by Burton were

the inquiry into the proposed
takeover by federal antl-
trust authorities and the fact

that the full terms and
conditions of the offer won't
be known until after Nov. 27
when Hudson's Bay has
indicated a mailing will be
made to Simpsons
shareholders.

Hudson's Bay has called
for a meeting of its
shareholders for Dec. 13 in
Winnipeg to seek approval of
the deal, two days before

@ directors, Simpsons will Simpsons and Simpsons-

Sears are scheduled to vote

‘on the amalgamation of

those two companies.

Hudson's Bay has offered
a combination af. cash and
shares worth about $385
million for Simpsons, fifth
largest of Canada's
department stores.

Burton referred to a 1952
agreement that provides
that if either Simpsons or
Sears, Roebuck and Co, of
Chicago, which holds a 50 per
cent interest in Simpsons-
Sears, wants to transfer any
shares of SimpsomsSears, it
must first offer such shares

|Bay bid up in air

“tq the other party at the
agreed price.” ‘

The agreed price is the
lower of the proposed
transfer price of book value
which was $5.26 a share at
Oct. 4, 1978.

Market value of the shares
during the 30-day period
preceding the announcement
of the proposed merger
betweenSimpsons — and
Simpsons-Sears was In the
$7-to-$8 range.

“Thus, LE the Bay were to.

dispose of Simpsons-Sears,
Sears, Roebuck would end up
with 100 per cent of the
voting shares and over 60 per
cent of the equity ofSimp-
sone-Sears,” Burton said.
He sald another important
_ factor in comparing the two
proposals would be the
policy on paying dividends
that could take affect after
the merger of Simpsons and
Simpsons-Sears.
“Based on the favourable
resulta od Simpsons and
SimpsonsSears for the year

to date, a substantial in-
crease in dividends could be

expected.” og
in Ottawa, Robert J. Ber-
trand, head of the federal
Bureau of Competition
Policy, initiated the Inquiry
into the Hudson's Bay
takeover proposal, fearing
the merger may limit
competition in the already-
tough. department store _
market. The inquiry is ex-
pected to be completed in a

to 10 days.
week ten Bay's offer did not

erode the price of its shares
which scored big gains
Tuesday on the Toronto
stock exchange before
falling back.on Wednesday.

Hudson's Bay also has a
sy-per-cent controlling in-
terest in Zeller’s Ltd of
Montreal. A merger «of
Hudson’s Bay, with its
Zeller's interests, and Simp-
sons and Simpsons-Sears,
would create a giant with
combined sales of $4.4
billion. .

BUSINESS DIRECTORY

SKEENA VALLEY

RENTALS o.

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