Kansas City investor John Latshaw reported Monday that he controls a 7.1% stake in Standard Brands Paint Co. of Torrance. He described the holding as an investment.
Latshaw, chairman of Latshaw Enterprises, a manufacturer of mechanical controls and molded plastic parts in Missouri, said in a filing with the Securities and Exchange Commission that his company owns 202,700 of the 405,400 shares that he controls. The SEC filing also indicated that the 7.1% stake includes 178,150 shares acquired from April 17 to June 16 for $14.50 to $16.75 a share.
On the New York Stock Exchange Monday, Standard Brands common stock spurted to a 52-week high of $19.375 before falling back to close the day's trading at $16.75, off 87.50 cents.
Standard Brands is a leading do-it-yourself home-decorating retailer and paint manufacturer. It was the target of two takeover bids in 1987, prompting the company to repurchase 6 million of its common shares--53% of the total then outstanding--through a tender offer of $25 a share. The stock was trading at about $21 a share at the time.