Godfreys Arcade takeover decision imminent

Company News

by Rachael Jones

The biggest share holder of vacuum cleaner specialist Godfreys (ASX:GFY) Arcade Finance has offered 32 cents for each Godfreys share.

Investment company NGE Capital intends to accept the offer if their conditions are met by the end of the day.

Arcade Finance is led by Godfreys 99-year-old co-founder John Johnston.

He launched Godfreys in Melbourne in 1936 with Godfrey Cohen and wants to privatise the business.

The company said it expected earnings to be in the realm of $3.5 million – or worse.

Shares in Godfreys (ASX:GFY) are up 6.45% to 33c
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.