Centenarian bids millions to clean up Godfreys
The soon to turn 100 major shareholder of ailing vacuum cleaner group Godfreys has made a takeover bid for the entire listed company.
John Johnston was one of the founders of Godfreys in the 1930s and currently owns about 28 per cent of the company.
The bidding vehicle, Arcade Finance, is offering 32¢ per share in an all-cash off-market takeover bid, that if it succeeds will see the 222-branch company removed from the Australian Securities Exchange.
Would you trust the nous of someone about to celebrate their 100th birthday to take the helm of a business employing more than 500 people?