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Microcap & Penny Stocks : Dominion Bridge Corp. (DBCO) -- Ignore unavailable to you. Want to Upgrade?

To: Chien Li who wrote (485)	2/28/1998 12:16:00 AM
From: Chien Li	Read Replies (2) \| Respond to of 535

canoe1.canoe.ca Saturday, February 28, 1998 Royal Millenia bids for Davie again By ROBERT GIBBENS For The Financial Post MONTREAL - A takeover group spurned by Dominion Bridge Corp.'s board a week ago re-entered the fray Friday with a US$10-million cash bid for Davie Industries Inc., one of Dominion's two biggest Canadian subsidiaries. Olivier Depr‚s, Dominion's vice-president, legal affairs, insisted the bid by two-year-old Royal Millenia Group Ltd., a Calgary holding company, came as "a complete surprise." He said Dominion will only be sold with all its subsidiaries intact. "If Royal Millennia is serious, its offer should be made to Legg Mason Wood Walker Inc., our U.S. investment advisers." The Dominion board has approved a $92.5-million offer from American Eco Corp., another engineering and construction group, and a definitive agreement is expected about April 6. But James Carswell, president of Royal Millennia, said his firm, along with Sweden's Sanda Investment Group, tabled a cash offer Feb. 20 for all of Dominion, including the senior management group's 24% holding. Hours later he read Dominion's board had accepted the American Eco deal. "We offered hard cash against American Eco's paper and we don't believe American Eco's bid will succeed," he said. Royal Millennia is majority-owned by North American and European investors and can muster a team to exploit Davie's shipyard at Quebec City successfully, Carswell added. Financial details will only be made public after a U.S. regulatory filing is made soon. Analysts said the Royal Millennia move may be aimed at upsetting the American Eco strategy and wrestling control of all Dominion. Royal Millenia's shares (RMGL/NASDAQ) closed Friday up 1/64 at US$19/64. Dominion Bridge shares (DBCO/NASDAQ) closed Friday at US$115/16, down 5/32.