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Dean Witter won't reaffirm its Levitz opinion.

March 06, 1985

Levitz Furniture said it has been informed by Dean Witter Reynolds that, in light of market conditions, it can't reaffirm that $39 per share--to be paid to Levitz shareholders in a leveraged buy-out of the Miami-based company--is a fair price from a financial point of view. Last November, Dean Witter orally rendered a preliminary opinion that $39 was a fair price. Certain members of management, Citicorp Capital Investors and Drexel Burnham Lambert are attempting to acquire the company through a leveraged buy-out. The company said the buying group indicated that it plans to proceed with the offer at $39 per share.

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