Ralston Purina Co., the giant pet-food producer, said Friday that it planned a $756.4-million offer to buy Anderson, Clayton & Co., which has been fighting a takeover attempt by two investment firms.
Ralston Purina made its announcement shortly after a Delaware state judge blocked Anderson, Clayton's plan to buy back a major portion of its stock as a way of thwarting the investment firms' bid.
William P. Stiritz, Ralston Purina's chairman and chief executive, said in a terse statement that he planned to recommend to his company's board next week that it pay $62 cash for each of Anderson, Clayton's 12.2 million common shares outstanding.
Anderson, Clayton is a Houston-based food products concern whose holdings include rival pet food maker Gaines Foods Inc. The company also makes Seven Seas salad dressings and Chiffon margarine.