E Ii Holdings Inc

American Brands Inc. said Thursday that it plans to begin an $803-million tender offer for E-II Holdings Inc., the Beatrice Co. spinoff that owns about 5% of American Brands. American Brands' move apparently turns the tables on E-II, whose chairman, Donald Kelly, met last week with American Brands officials to discuss a friendly merger proposal between the two firms, industry analysts said.

Investor Carl C. Icahn bid $1.18 billion in cash Friday for the assets and debts of bankrupt E-II Holdings. Icahn already owns 31.5% of the company, the parent of Samsonite luggage, Culligan water softener, Botany 500 men's suits and McGregor apparel. Icahn has been seeking control of E-II since he purchased some of its debt in early 1992. The financier said the company's plan to emerge from Chapter 11 of the federal Bankruptcy Code is "unfair to the junior creditors."

Icahn Makes New Bid for E-II Holdings: Financier Carl Icahn has renewed his attempt to take over E-II Holdings Inc., maker of Samsonite luggage, McGregor menswear and Culligan water treatment equipment. Icahn has already been rebuffed once in his bid to file a competing reorganization plan for E-II, which has operated under bankruptcy protection for almost a year.

E-II Reaches Agreement on Capitalization: Three holders of E-II Holdings Inc.'s junk bonds have filed a petition to force the company into Chapter 11 bankruptcy reorganization, executives said. The investors who filed the petition hold about $35 million of the approximately $1.2 billion in debt still outstanding. They are subordinate to holders of senior debt.

The sudden move by American Brands Inc. to acquire its hostile suitor E-II Holdings Inc. marks a rare use of the controversial "Pac Man" takeover defense, and some analysts said that it might work. American Brands, a consumer products company based in Greenwich, Conn., on Friday began a $13-a-share tender offer for all of E-II's 61.8 million common shares outstanding, a deal worth about $805 million. On Friday, American Brands' stock closed at $47.37, up 61 cents, on the New York Stock Exchange.

Under cover of night last October, 68-year-old Los Angeles financier Meshulam Riklis and his 38-year-old wife, actress-singer Pia Zadora, crept out of their two lavishly appointed suites at the Trump Tower on New York's Fifth Avenue, according to a lawsuit filed by real estate tycoon Donald Trump, because they could no longer scrape up the $100,750-a-month rent. The undignified exit could serve as a metaphor for the shifting fortunes of Riklis' financial empire.

Tobacco and liquor giant American Brands Inc. said Monday that it is selling its E-II Holdings Inc. for about $1.2 billion but will buy back five of E-II's home and office products companies for $645 million. American Brands said it was making the moves to concentrate on three new core businesses--home products, office products and hardware.

Investor Carl C. Icahn bid $1.18 billion in cash Friday for the assets and debts of bankrupt E-II Holdings. Icahn already owns 31.5% of the company, the parent of Samsonite luggage, Culligan water softener, Botany 500 men's suits and McGregor apparel. Icahn has been seeking control of E-II since he purchased some of its debt in early 1992. The financier said the company's plan to emerge from Chapter 11 of the federal Bankruptcy Code is "unfair to the junior creditors."

Under cover of night last October, 68-year-old Los Angeles financier Meshulam Riklis and his 38-year-old wife, actress-singer Pia Zadora, crept out of their two lavishly appointed suites at the Trump Tower on New York's Fifth Avenue, according to a lawsuit filed by real estate tycoon Donald Trump, because they could no longer scrape up the $100,750-a-month rent. The undignified exit could serve as a metaphor for the shifting fortunes of Riklis' financial empire.

Tobacco and liquor giant American Brands Inc. said Monday that it is selling its E-II Holdings Inc. for about $1.2 billion but will buy back five of E-II's home and office products companies for $645 million. American Brands said it was making the moves to concentrate on three new core businesses--home products, office products and hardware.

The sudden move by American Brands Inc. to acquire its hostile suitor E-II Holdings Inc. marks a rare use of the controversial "Pac Man" takeover defense, and some analysts said that it might work. American Brands, a consumer products company based in Greenwich, Conn., on Friday began a $13-a-share tender offer for all of E-II's 61.8 million common shares outstanding, a deal worth about $805 million. On Friday, American Brands' stock closed at $47.37, up 61 cents, on the New York Stock Exchange.

American Brands Inc. said Thursday that it plans to begin an $803-million tender offer for E-II Holdings Inc., the Beatrice Co. spinoff that owns about 5% of American Brands. American Brands' move apparently turns the tables on E-II, whose chairman, Donald Kelly, met last week with American Brands officials to discuss a friendly merger proposal between the two firms, industry analysts said.