AFRICAN AND EASTERN SHARE DEAL
One of the few features which have aroused interest and even controversy in the markets has been the offer made by Lever Brothers and Unilever to acquire the whole share capital of African and Eastern Trade Corporation in exchange for Lever shares. African and Eastern Trade Corporation are minority shareholders in the United Africa Company, in which they own zo per cent. of the capital. If the offer is accepted, that important oil and oil seed company will become a wholly-owned Lever subsidiary. It is, however, already under Lever control.
Each class of African and Eastern shareholder is offered something which at the time of the offer was worth more than his African and Eastern holding. Holders of the is. ordinary units were offered £r of Lever arid Unilever stock for each zo African and Eastern units, which meant is. 9d. worth of Lever stock for Is. 3d. worth of African and Eastern stock. Holders of the ios. preferred ordinary African and Eastern units were offered £7 of Lever and Unilever stock for each 15 African and Eastern preferred units, which meant 16s. 6d. worth of Lever stock for each us. of African and Eastern preferred stock. Holders of the African and Eastern preference stock are to receive £6 of Lever and Unilever
5 per cent. preference for each £5 of African and Eastern 6 per cent. preference.
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