Bond Ltd. Tells Doubts on Texas Takeover Bid

Bond Corp. Holdings Ltd. cast doubt today on an obscure Texas businessman’s questionable takeover proposal, and a Canadian brewer said it might offer $1.6 billion for part of the troubled conglomerate.

Peter Lucas, spokesman for the Australian group of companies controlled by millionaire industrialist Alan Bond, said Bond Corp. has not been able to obtain information about a proposed $197-million cash offer by Jeff Reynolds.

Meanwhile, John Labatt Ltd., a Canadian brewer, said the company is considering making a bid for Bond Corp.’s Australian brewing operations. Edward Stewart, spokesman for the Toronto-based company, said Bond approached Labatt about buying the brewing businesses about a month ago.

Stewart cautioned though, that no firm offer will be made for “several weeks at best.”

Lucas said the lack of information from Reynolds has convinced Bond Corp. officials that he can not proceed with his planned takeover.

“In the absence of any such information having been made available so far, despite repeated requests, we are taking the view at this time that he does not have that capacity,” said a statement from Bond Corp. headquarters in Perth, Western Australia.

Lucas said Bond Corp. has written Reynolds asking him to provide information confirming his financial intentions with regard to purchasing the company.

Reynolds, reached early today at his mother’s home in Houston at first declined comment, then threatened to press on with a hostile bid if Bond Corp. does not work with him.