May 24, 1988 |
KaiserTech Ltd., parent company of Kaiser Aluminum & Chemical, said Monday that it has agreed to a cash buyout offer of about $718 million from Los Angeles-based Maxxam Group. Maxxam, a real estate and forest products company that is the world's largest producer of redwood lumber, controls 32% of the stock in the Oakland-based KaiserTech. Maxxam is offering $19.375 a share for about 37 million outstanding shares that it doesn't already own.
May 6, 1988 |
KaiserTech said Thursday that it has formed a special committee of directors to evaluate "one or more" offers to buy the firm. The bids are expected to be submitted soon by the aluminum company's management and its largest shareholder. Cautioning that the board "has not yet decided to sell the company," KaiserTech revealed that it has adopted a limited shareholder rights plan that would allow shareholders to buy new stock in the company for $1 per share to help ward off a hostile takeover.