Holding fast: Glen F. Ceiley, president of fastener distributor Bisco Industries Inc., Anaheim, said his company has raised its stake in an Ohio-based firm to 6.5% from 5.4% and is still considering a buyout.
Although it has not made a formal bid, Ceiley said Bisco remains interested in acquiring the fastener distribution business of R B & W Corp. of Mentor, Ohio. Ceiley said he met with top officials at R B & W last month.
The issues to be resolved, Ceiley said, are related to financing and finding a third-party buyer for R B & W's fastener manufacturing business. RB&W officials declined comment.
"We are still interested in the company and grow more interested each day," Ceiley said. "We want to get out of the consideration stage and move into the implementation stage in acquiring the remaining stock."
Ceiley and Bisco have invested about $1.75 million in R B & W so far. If completed, the purchase would cost Bisco about $65 million.