EDISON, N.J. — Directors of Sea-Land met late Monday to discuss a $585-million takeover offer by a Texas financier, a bid called "most unwelcome" by the company but characterized as friendly by a spokesman for the investor.
The shipping company's board was considering a $25-a-share buy-out offer by Dallas financier Harold Simmons, who already controls about 25% of Sea-Land.
Sea-Land officials declined to comment on the offer, which was announced by the company Nov. 19.
But the Wall Street Journal quoted "sources close to the company" as saying that the board probably would reject the bid. The newspaper also quoted the sources as predicting that the board would take steps to protect the company against a takeover attempt.
Among the possible defenses was a leveraged buy-out, the sources said.
Sea-Land Chairman Joseph F. Abely Jr. previously called Simmons' interest "most unwelcome."
But J. Landis Martin, a Denver lawyer representing the financier, said last week that the takeover attempt was a friendly one.