Godfreys founder boosts takeover bid
The 99-year-old co-founder of vacuum cleaner retailer Godfreys has increased his takeover bid for the struggling company to $13.7 million.
John Johnston, who launched Godfreys in 1936 with Godfrey Cohen in Melbourne, made an all-cash bid of $13.1 million through his family-owned Arcade Finance in early April.
Arcade's offer of 32 cents a share has now been increased to 33.5 cents.
Arcade spokesman Grant Hancock said the offer had been improved to encourage Godfreys shareholders to act quickly.
"While a number of shareholders have already accepted the initial offer, we believe many others have yet to consider their position," he said.
"This new offer is designed to re-engage their interest and to encourage them to act quickly."
Arcade's offer will remain open to June 7, and the only condition is a minimum acceptance of 90 per cent.
Arcade currently has a stake of 37.6 per cent.
Since listing in 2014 at $2.75 a share, Godfreys has suffered falling sales, multiple changes of senior management, and a sustained slide in share price.
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