COATS VIYELLA MAKES AGREED BID FOR YOUGHAL
Coats Viyella Plc <CPAT.L> and <Youghal
Carpets (Holdings) Plc> have agreed to merge on the basis of an
offer from Coats, a joint statement said.
    Coats is offering one Irish penny in cash per Youghal
ordinary share. The offer also covers shares arising on
conversion of Youghal convertible preference shares.
    As an alternative, Coats is offering a convertible
redeemable note of 10 pence sterling per Youghal ordinary
share.
    The notes being offered will have the right to conversion
into Coats Viyella ordinary shares or redemption at 10 pence
stg in 10 years time, the statement said.
    For 1986, Coats Vieylla had pre-tax profits of 182 mln stg
on turnover of 1.75 billion stg. Youghal in 1986 had a pre-tax
profit of 205,000 Irish pounds on turnover of 44.5 mln Irish
pounds.
    Foir Teoranta, which holds four mln Youghal ordinary shares
plus preference shares which are convertible into 27.6 mln
ordinary shares, has irrevocably undertaken to accept the
offer.
    The cash terms value Youghal at 538,000 Irish pounds.
 REUTER
