August 9, 1988 |
Interco Inc. on Monday rejected as inadequate a sweetened $2.68-billion buyout offer from a Washington-based investor group, and took moves to strengthen its defenses against an unwanted takeover. The manufacturer and retailer of apparel and furniture stated that in addition to rejecting the $70-a-share merger proposal offered earlier Monday by City Capital Associates, its board of directors approved a plan to sell the company's apparel division, which accounts for nearly a fourth of its sales.
July 29, 1988 |
Interco Inc., a diversified shoe and clothing company that owns Florsheim shoes and London Fog rainwear, said Thursday that it received a buyout proposal from an investment group, valuing the company at $2.46 billion. The group, City Capital Associates LP of Washington, said in a disclosure statement that it would also consider raising its offer of $64 a share under certain conditions. Shares of Interco soared to close $8.75 higher at $67.