12 May 1999
Genus attacks VDC plans
GENUS, the cattle breeding and farm consultancy group, has attacked VDCs plans to escape its hostile bid by reversing into another Aim-listed company.
VDC, the veterinary and dental healthcare products distributor, earlier this week announced a reverse takeover of Lawrence, a chemicals group supplying the animal feed and pet care industries.
Richard Wood, Genus chief executive, said the VDC offer would leave its shareholders with only 40% of an enlarged business, an uncertain future, significantly increased gearing and no exit.
Roland Denning, VDC chairman, said the strategy demonstrated significant synergies by combining the senior managements and opening opportunities for cross-selling and expansion of VDC into Europe through Lawrences distribution system.