N.Z.'S CHASE CORP MAKES OFFER FOR ENTREGROWTH
Chase Corp Ltd <CHCA.WE> said it will
make an offer for all fully-paid shares and options of
<Entregrowth International Ltd> it does not already own.
    Chase, a property investment firm, said it holds 48 pct of
Entregrowth, its vehicle for expansion in North America.
    It said agreements are being concluded to give it a
beneficial 72.4 pct interest.
    The offer for the remaining shares is one Chase share for
every three Entregrowth shares and one Chase option for every
four Entregrowth options. Chase shares closed on Friday at 4.41
dlrs and the options at 2.38.
    Entregrowth closed at 1.35 dlrs and options at 55 cents.
    Chase said the offer for the remaining 27.6 pct of
Entregrowth, worth 34.2 mln dlrs, involved the issue of 5.80
mln Chase shares and 3.10 mln Chase options.
    Chase chairman Colin Reynolds said the takeover would allow
Entregrowth to concentrate on North American operations with
access to Chase's international funding base and a stronger
executive team. He said there also would be benefits from
integrating New Zealand investment activities.
    Chase said the offer is conditional it receiving accptances
for at least 90 pct of the shares and options.
 REUTER
