In 1975, there was a sharp downturn in Australia's housing industry and it was realised that the company could become too dependent on the home-building market. During early 1975 Neal was looking for further means of expansion. Keith Halkerston, a merchant banker who had recently joined the Boral board, researched companies that were likely takeover targets. The Cyclone Company of Australia was on his list and Boral decided to make a bid for the company. Boral saw Cyclone's fencing products and rural buildings as giving them the diversification they sought and less dependence on the home building and the city construction business. Boral also felt that Cyclone's scaffolding operations would complement Boral's existing construction business. Neal remembers the takeover well, because Griffin was seriously ill at the time and had not been in the office for five or six months. Boral prepared the takeover documents on the Friday, but sadly Griffin died on the Saturday and on Sunday a new set of documents had to be drawn up because he was no longer a director. The documents were served on Cyclone on the Monday morning. The company contested the takeover; the Cyclone directors unanimously considered that Boral's offer was too low and told their shareholders. Subsequently ARC Industries Limited announced its intention, subject to clearance from the Trade Practices Commission, to make an offer for the whole of the issued capital of Cyclone on terms that ARC Industries considered much more attractive to the shareholders than those offered by Boral (ARC Industries had previously made an unsuccessful bid for Cyclone in 1956). In a landmark case, the Trade Practices Commission refused ARC Industries clearance to make an offer, which prompted the company to abandon its bid. The Trade Practices Commission ruled that an acquisition by Boral would not result in any lessening of competition but that acquisition by ARC Industries probably would.         »»