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July 28, 1987 | DENISE GELLENE, Times Staff Writer
Standard Brands Paint, a leading do-it-yourself home decorating chain, Monday rejected an unsolicited $28-a-share bid from a New Zealand real estate and investment firm but left the door open for other offers. In a statement, Stuart D. Buchalter, Standard Brands Paint chairman, said the $300-million offer from Chase Corp. of New Zealand was "inconsistent with the maximization of shareholder value."
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