Japonica Partners

Japonica Makes Bid for CNW: Paul Kazarian and his Japonica Partners investment group have stepped up their efforts to acquire CNW Corp., making a formal offer to acquire the Chicago-based railroad holding company for $721.6 million. The offer exceeds by more than $213 million the value that Japonica placed on the company in proxy materials mailed to CNW shareholders. CNW's board will meet promptly to consider the bid, CNW spokesman Fred Bloedorn said. Japonica asked the board to respond to its offer by 9 a.m. Monday.

Seeking to derail a buyout of Borden Inc. by Kohlberg Kravis Roberts Co., an investment firm led by Paul Kazarian said Wednesday that it wants to acquire the food and consumer products company for $2.4 billion. Kazarian's Japonica Partners, based in Rhode Island, said it proposes to acquire Borden for $2.4 billion, or $17 a share in cash and securities. That is $2.75 a share more than KKR has offered. A KKR spokesman declined to comment on the Japonica proposal.

Seeking to derail a buyout of Borden Inc. by Kohlberg Kravis Roberts Co., an investment firm led by Paul Kazarian said Wednesday that it wants to acquire the food and consumer products company for $2.4 billion. Kazarian's Japonica Partners, based in Rhode Island, said it proposes to acquire Borden for $2.4 billion, or $17 a share in cash and securities. That is $2.75 a share more than KKR has offered. A KKR spokesman declined to comment on the Japonica proposal.

Investor Paul B. Kazarian on Wednesday outlined a plan to buy up to 90% of Borden Inc.'s stock for as much as $2.28 billion in a bid to derail an offer by Kohlberg Kravis Roberts & Co. Kazarian's investment firm, Japonica Partners, said in a letter to Borden Chairman Frank J. Tasco that it is interested in producing a "significant transaction with Borden or its shareholders" to provide greater value than would have been available under the KKR offer.

CNW OKs Buyout Offer: CNW Corp.'s board approved a $1.6-billion buyout offer from a group that includes company management, railroad company Union Pacific Corp. and other investors, prompting hostile suitor Japonica Partners to withdraw its own offer. The buyout group formed by investment banker Blackstone Group, which will hold a controlling interest in the railroad company, agreed to pay $45.50 cash per common share in cash and $4.50 per share of preferred stock. CNW stock jumped 75 cents to close at $47.50 a share in New York Stock Exchange composite trading.

Investor Paul B. Kazarian on Wednesday outlined a plan to buy up to 90% of Borden Inc.'s stock for as much as $2.28 billion in a bid to derail an offer by Kohlberg Kravis Roberts & Co. Kazarian's investment firm, Japonica Partners, said in a letter to Borden Chairman Frank J. Tasco that it is interested in producing a "significant transaction with Borden or its shareholders" to provide greater value than would have been available under the KKR offer.

Rhode Island Firm Mulling Possible Rival Offer for Borden: The Columbus Dispatch, an Ohio newspaper, reported that Paul Kazarian, chief of Providence-based Japonica Partners, was gauging support from Borden's institutional investors in the event he attempts to take over the food and packaging company. Kohlberg Kravis Roberts & Co. announced plans this week to buy Columbus-based Borden in a $2-billion stock-swap deal.

A group of investors including Japonica Partners LP said it holds an 8.8% stake in CNW Corp. and may seek to gain control of the Chicago-based railroad company. In a Securities and Exchange Commission filing, the group said it is pursuing talks with financial institutions on what financing might be required for a merger proposal, tender offer or similar transaction. Separately, CNW, which operates Chicago & North Western Transportation Co. railroad, said it wishes to remain independent.

Cineplex Odeon Corp. said its scheduled May 9 shareholder meeting in Toronto will be adjourned until June 6, in order to update its proxy information to shareholders . . . A top defense official said the Pentagon is studying ways to grant at least a temporary reprieve to the Bell Helicopter Textron's V-22 Osprey tilt-rotor program, which might avert threatened layoffs . . . American Airlines said continued strong demand for leisure travel pushed passenger...

CNW OKs Buyout Offer: CNW Corp.'s board approved a $1.6-billion buyout offer from a group that includes company management, railroad company Union Pacific Corp. and other investors, prompting hostile suitor Japonica Partners to withdraw its own offer. The buyout group formed by investment banker Blackstone Group, which will hold a controlling interest in the railroad company, agreed to pay $45.50 cash per common share in cash and $4.50 per share of preferred stock. CNW stock jumped 75 cents to close at $47.50 a share in New York Stock Exchange composite trading.

Japonica Makes Bid for CNW: Paul Kazarian and his Japonica Partners investment group have stepped up their efforts to acquire CNW Corp., making a formal offer to acquire the Chicago-based railroad holding company for $721.6 million. The offer exceeds by more than $213 million the value that Japonica placed on the company in proxy materials mailed to CNW shareholders. CNW's board will meet promptly to consider the bid, CNW spokesman Fred Bloedorn said. Japonica asked the board to respond to its offer by 9 a.m. Monday.

Allegheny International Inc., the maker of Sunbeam and Oster brand appliances, today said Wells Fargo Bank has withdrawn its $400-million financing commitment for a bankruptcy reorganization plan. Financial commitments are being discussed and other financial alternatives are being explored, AI said in a statement. Allegheny filed its most recent reorganization plans Oct. 11 under which it and its subsidiaries would emerge from Chapter 11 protection.