Wynn's International said Friday that Security Pacific Corp.'s venture-capital unit has withdrawn an acquisition proposal that had been announced by Wynn's on Sept. 18.
No reasons were given for Security Pacific backing away from the buyout bid, which had been valued at up to $115 million. The offer--engineered by James Carroll, president and chief executive of a Nashville-based subsidiary of the Fullerton-based automotive products suppliers--appears to be dead unless a new financier can be found.
But in a brief announcement Friday, Wynn's hinted that it may be negotiating with at least one other potential suitor. The company's announcement said a special committee of its board and its investment bankers, Goldman, Sachs & Co., "are continuing to review and evaluate the alternatives available . . . and are supplying information to other parties who are working actively to develop firm acquisition proposals."
John F. Lillicrop, Wynn's president, declined comment, and Chairman W. E. Bellwood could not be reached.
Last month, Lillicrop confirmed that he is leading a management team that had been planning its own acquisition offer for Wynn's.