DANBURY, Conn. — Grolier Inc., an encyclopedia and reference book company, Wednesday rejected a $415-million takeover bid by the French publisher Hachette SA as inadequate.
Earlier this month, Hachette offered to buy Danbury, Conn.-based Grolier for $21 a share with hopes of becoming the world's third-largest publisher.
On the New York Stock Exchange, Grolier stock closed Tuesday at $26.50 a share, up 12.5 cents.
Analyst Peter Appert of Cyrus J. Lawrence Morgan Grenfell Inc. said the $21-a-share offer by Hachette "seemed ridiculously low as a starting point." He estimated that Grolier was worth around $30 a share.
Grolier said representatives of the company have had preliminary contact with several potential suitors. It said it will negotiate the sale of the company with interested parties including Hachette.