Tobacco Documents Online

DEER PARK, N: Y. SUFFOLK SUN D,, 130,000 AUG 2 01968 6~1 1 " 1 1: 1 ®o~ ~ ''`Ca[l for .Godfrey Phillips+' ~ ~ ~ ~ ~ ~ Phili o's Tn , has announced an agreement to acqpire Godfrey Phillips Ltd., a London tobacco firm, for about $27.5 million. Tobacco Distributor & Confectionery Guide August 1968 Philip Morris Reports ; Revenues, Earnings Up Philip Morris Inc. reported record consolidated operating revenues, an& net income after taxes, including the new 10% surcharge, for the second quarter and the first six months of 1968. The (1l1 results for the second quarter of the year v showed the 16th consecutive quarterly V) improvement over the corresponding period of previous years. Net income after taxes for the se- cond quarter of 1968 was $12,141,000 compared with $10,471,000 for the se- cond quarter of 1967, up 15.9%. Per share earnings were $1.09 against $.94. Consolidated operating revenues for the secon& quarter of 1968 were $252,321,- 000 compared with $229,990;000 in the second quarter of 1967, an increase of 9.7%,. Earnings for the first six months of 1968 rose 15.3% to $22,513,000 com- pared with $19,532,000 for the compar- able six months of 1967. Per share earn- ings were $2.02 against $1.76, an in- crease of 14.8%. For the first six months of 1968 consolidated operat- ing revenues were $482,236,000 com- pared with $437,280,000 for the compar- able six months in 1967, an increase of 10.3%. Buf f alo Evening News Philip Morris said Monday it' has: a"firm agreement" to purchase 839,625 shares of Godfrey Phillips' 841;,625 24-cent par value common shares for $1.74 a share or about $1.5 million. In addition, Philip Morris said it plans an offer for the British company's almost' 1,500;000; $2.40 par value common shases at_;17.40 a share or about $26' million. Total comi7ton~ shares outstanding is 2,337;452. ,. I U. 2£1,56bSAT. 2t9,069 AUG 2 0 1968 F~~ PHILIP M0RRIS TO BUY CONCERN FOR $27.5 M1LLIdNi N E W Y 0 R K,'Aug. 20 -I hili Morris Inc. ahnounced to- jday an~ agreemen to acquire ~Godfrey Phillips Ltd., a London . tobacco, company, for about $27.5 million. Philip Morris said it has a I ' "firm agreement" to purchase 839,625 of Godfrey Phillips` ~ 841,625 24-cent par volume com- ~Q mon, shares for $1.74 a share, or about $1.5 million.• In addition, Philip Morris said at plans an offer for the British company's 1,495,827 j'1:40 par value common shares at $17.40 ~ a share, or about $26 million. Total: common shares outstand- ing ing is 2;337,452'. `f Godffrey Phillips directors D said in London that•they regard the $17.40-a-share offer to be I \ "fair and reasonable." They said they intend to accept in respecCto their own holdings and will strongly recommend other holders to do likewise. Last June, Philip Morris made an offer to acquire Gallaher Ltd.,, another British tobacco concern; but finally wibadreww its bid after American Tobacco Co. made a counter offer for Gallaher at a higher price. w _ 6 MILWAUKEE SENM, MILWAUKEE, WISQ, D. 170,264_ AU G 19 1968 ~ .1 P~hilip Morris Bids for British Firm London, England -AP-Phi1- ip Morris: the American ciga- ret company, has made a bid of I 11.a million pounds - $27.6 ' million - to t' a k e over the ' British tobacco firQn~ of God- i frey Phillips, makers of Murat- 1,',ti'and Abdulla cigarets. The Americam company agree&to buy 839,625 ordinary share at 20c each; a t ot a 1 of'$1.67million.Theshares, mainly held by family direa tors of the British firm, repre- nt 36% of the vot'es ofthe i 4rdinary capital. Philip Morris also offered to buy all outstan(Ung one pound P2:40) ordinary stock units. • Godfrey Phillips has inter-. ests in the United States in to- I bacco, greeting card and print-~` I ing businesses. It has affiliated companies a n d interests in Australia, New Zealand, India, rakistan, Ceylon and Malay- a. It manufact'ures Viscount,,. lack and White, Murattian bassador and other cigarets arld tobacco products. T h e atatement said' assur- ances had been received that British govebnment currency exchange control authorities would consent to the deaL ~