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BRIEFLY

Color Tile agreed to merge with General Felt.

September 15, 1986

Under terms of the agreement, which has been approved by Color Tile's board, General Felt Industries will acquire the Houston-based firm's common stock at $31.50 per share, according to a news release. In accordance with the merger agreement, a newly formed subsidiary of New York-based General Felt will within one week commence a tender offer for all shares of Color Tile common stock at the net cash price. The total value of the merger is valued at about $300 million. The offer is contingent upon the tender of a majority of the outstanding shares of Color Tile common stock.

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