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Davis May Up Carter-Wallace Ante

November 02, 1996|Times Staff and Wire Reports

Billionaire investor Marvin Davis said he is committed to buying Carter-Wallace Inc. for $835 million but would consider a higher bid "if one can be justified." Davis responded to a statement in which the maker of Trojan condoms and Arrid deodorant said its majority shareholder, CPI Development Corp., had no interest in a deal at Davis' $18-a-share bid. The stock fell 87.5 cents to $14.625 in New York Stock Exchange trading. "We reiterate our commitment to negotiate to acquire the company for $18 a share," Davis said in a letter addressed to the Carter-Wallace board. "Moreover, as we have previously indicated, we would be willing to offer a higher price if one can be justified," he said. New York-based Carter-Wallace had said it will not take any further action on Davis' bid.

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