IEL'S ACMEX UNIT TO BID FOR CHEETHAM
<Industrial Equity Ltd> (IEL) unit
<Acmex Holdings Ltd> said it proposed to make a formal takeover
offer for all the issued capital of <Cheetham Ltd>, a producer
of salt, animal feed and seeds.
    Acmex said in a statement it would offer one share for
every two Cheetham shares or 3.40 dlrs cash for each share.
    Acmex said it was presently entitled to 5.1 mln Cheetham
shares or 16.85 pct of its 30.27 mln issued shares.
    The scrip offer values Cheetham at about 110 mln dlrs,
based on Acmex's current price of 7.20 dlrs, and the cash offer
at about 104 mln. Cheetham last traded at 3.10 dlrs.
 REUTER
