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November 05, 1994|From Times Staff and Wire Reports

FTD Rejects New Teleflora Offer: The No. 1 floral delivery network said its board turned down a third unsolicited takeover bid from its Los Angeles-based rival. An earlier offer from New York merchant bank Perry Capital Corp. is expected to be accepted by a majority of Detroit-based FTD's 20,000 florist members. FTD's board approved that deal in July. Teleflora President Gregg Coccari said his company will make no further offer. Teleflora's purchase price would have been reduced by $11 million, the amount FTD has agreed to pay Perry if it accepts a higher bid, Coccari said. FTD's board also wanted Teleflora to agree to pay it $17 million if the deal failed federal antitrust review; Teleflora had offered to pay $10 million.

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