Manders hits at Kalon bid

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The Independent Online
DIRECTORS of paint, inks and property group Manders yesterday urged shareholders to reject the 'hostile and opportunistic offer' from rival Kalon.

They are also writing separately to Kalon's shareholders explaining why they should vote against the all-paper bid worth about pounds 100m at the company's extraordinary general meeting.

'The high level of Kalon's profits is both recent and fragile, and its source of strength in 1991 could quickly become a source of weakness. It has much to fear from an independent Manders,' the company says in its defence document.