Advertisement

BRIEFLY

Banking & Finance

June 18, 1996|Times Staff and Wire Reports

SunAmerica Buys 33% Stake in Danskin: The L.A.-based financial services company also warned that it may seek the authority to purchase more shares in New York-based Danskin Inc. SunAmerica Inc. acquired the Danskin stake from Esmark Inc. through a foreclosure sale, according to a Schedule 13D filed with the Securities and Exchange Commission. SunAmerica, a creditor of the bankrupt Esmark, purchased 2.01 million Danskin shares for $3 each, or a total of $6.03 million. SunAmerica said it will seek to boost Danskin's stock price, which was $3.625 on Monday, down 74% from its high of $14 in August 1992. Among the options SunAmerica will consider: making a tender offer for all of the stock or proposing a merger that involves Danskin, a maker of active and dance wear, according to the SEC filing.

Advertisement
Los Angeles Times Articles
|
|
|