Major Godfreys' shareholders back takeover

May 18, 2018

The co-founder of vacuum cleaner giant Godfreys has increased his offer to buy back the company.

Shares in Godfreys have risen by more than eight per cent after the 99-year-old co-founder of the vacuum cleaner retailer increased his takeover bid for the struggling company.

John Johnston, who launched Godfreys in 1936 with Godfrey Cohen, has increased his all-cash bid of $13.1 million, made through his family-owned Arcade Finance in early April, to $13.7 million.

Arcade's offer of 32 cents a share has now been increased to 33.5 cents, and on Friday shares in Godfreys were up 2.5 cents, or 8.1 per cent, at 33.5 cents at 1100 AEST.

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