Coats Viyella Plc &lt;CPAT.L> and &lt;Youghal Carpets (Holdings) Plc> have agreed to merge on the basis of an offer from Coats a joint statement said. Coats is offering one Irish penny in cash per Youghal ordinary share. The offer also covers shares arising on conversion of Youghal convertible preference shares. As an alternative Coats is offering a convertible redeemable note of 10 pence sterling per Youghal ordinary share. The notes being offered will have the right to conversion into Coats Viyella ordinary shares or redemption at 10 pence stg in 10 years time the statement said. For 1986 Coats Vieylla had pre-tax profits of 182 mln stg on turnover of 1.75 billion stg. Youghal in 1986 had a pre-tax profit of 205000 Irish pounds on turnover of 44.5 mln Irish pounds. Foir Teoranta which holds four mln Youghal ordinary shares plus preference shares which are convertible into 27.6 mln ordinary shares has irrevocably undertaken to accept the offer. The cash terms value Youghal at 538000 Irish pounds.
COATS VIYELLA MAKES AGREED BID FOR YOUGHAL