PIONEER SUGAR SAYS CSR TAKEOVER OFFER TOO LOW
<Pioneer Sugar Mills Ltd> said it
considered the proposed 2.20 dlrs a share cash takeover offer
announced by CSR Ltd <CSRA.S> on March 31 to be too low in view
of the group*hK!UiIe and prospects.
    CSR's bid for the 68.26 pct of Pioneer's 99.80 mln issued
shares it does not already hold values the entire grop_j9culd
make an alternative share offer but has not yet announced
terms.
    Pioneer recommended in a statement that shareholders retain
their stock, pending the board's response once it receives full
details of the CSR offer.
 REUTER
