COMPANY BRIEFS (original) (raw)
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March 14, 1989
Credit...The New York Times Archives
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March 14, 1989
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Section D, Page
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* Apple Bank for Savings, New York, and Sag Harbor Savings Bank jointly announced that Apple Bank would acquire all outstanding common stock of Sag Harbor for 21ashareincash,atotalpriceof21 a share in cash, a total price of 21ashareincash,atotalpriceof29.5 million.
* Casablanca Industries, City of Industry, Calif., a maker of ceiling fans and lighting fixtures, signed a letter of intent and has authorized negotiations for its possible acquisition by a company formed by J. D. Schnitzer at $11.25 a share. Casablanca has about 4.5 million shares outstanding.
* Connaught Biosciences Inc., Toronto, and Institut Merieux S.A. of Lyon, France, announced they would combine their worldwide human health businesses. The new company will be named Merieux-Connaught N.V. and is expected to have revenues of more than $600 million (Canadian).
* Dresser Industries, Dallas, said Kellogg Overseas Corp., a joint venture of Dresser, JGC of Japan and Kaiser Engineering of Australia, had received a $900 million contract for the expansion of the Woodside liquefied gas facilities in Australia.
* Emhart Corp., Farmington, Conn., said Topper L.P. had not signed the confidentiality agreement proposed by Emhart and previously signed by others. Emhart has rejected a $35-a-share offer from Topper as inadequate.
* First World Cheese Inc., South Orange, N.J., said it had engaged in talks on its possible sale but had received no firm offers.
* Horizon Corporation, Fountain Hills, Ariz., said it had been informed by Maxxam Inc., which owns about 62 percent of its common stock, that Maxxam was considering making a proposal to acquire the remaining 38 percent.
* Marriott In-Flite Services, Bethesda, Md., a division of Marriott Corp., said it planned to enter the airline catering market in Australia and has signed an agreement to provide meals for Qantas Airways Ltd., Australia's international carrier.
* Sara Lee Corp., Chicago, completed the previously announced acquisition of Hygrade Food Products Corp. for $140 million from Hanson Industries, the U.S. arm of Hanson P.L.C.
A correction was made on
March 15, 1989
:
Wednesday, Late City Final Edition An entry in the Company Briefs listing of Business Day yesterday misstated the acquisition offer for the common shares of Sag Harbor Savings Bank. Apple Bank for Savings proposes to pay $21.50 a share.
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