Adsteam Extends Offer For Holyman

Adsteam Marine Ltd. extended its 80 cents a share takeover offer for ferry and transport group Holyman Ltd until Oct. 5. The offer was to close Sept. 27. The extension followed a rival offer on Sept. 23 from stevedore Lang Corp Ltd., which was pitched at 93 cents a share. Holyman directors recommended that shareholders accept the Lang Corp bid in the absence of a higher offer, although they should take no action until formal documentation was served in early October. Lang Corp's offer is subject to receiving a minimum of 50.1 percent of the ordinary and converting preference shares, as well as usual regulatory conditions. Adsteam, which now holds 22.8 percent of Holyman, has made its offer unconditional.