June 15, 1989
Manischewitz Plans Vote: B. Manischewitz Co., a Jersey City, N.J., food company, said it is proceeding with a scheduled June 22 shareholder vote on a $39.3 million offer for the company from Beverly Hills-based Levine, Tessler, Leichtman & Co. Manischewitz said a competing bidder, National Foods Inc., has not been able to complete financing for its proposed $42.4 million offer. In addition, a group including Santa Monica Partners withdrew its conditional offer for Manischewitz.
July 7, 1989 |
Matzo maker B. Manischewitz Co. said Thursday that it has agreed to a sweetened takeover bid by a Beverly Hills investment firm that topped a "best and final" offer from a rival kosher products firm. Manischewitz late Wednesday accepted an offer of $841 a share, or $44.6 million, by Levine, Tessler, Leichtman & Co. That bid surpassed by $1 a share an enhanced offer by National Foods, the distributor of Hebrew National products. Last month, Jersey City, N.J.
June 7, 1989
New Bids for Manischewitz Reported: A bid to take over B. Manischewitz Co., one of the nation's best-known makers of kosher food and wine, hit a roadblock when two higher offers emerged just before a company-imposed deadline. Manischewitz declined to disclose the value of the new offers but said both were higher than the $40-million bid put forward earlier by Levine, Tessler, Leichtman & Co. The 101-year-old company, based in Jersey City, N.J., signed a merger agreement March 14 with Levine Tessler, a Los Angeles-based investment firm, and would have to pay a $1.7-million fee if the deal failed to go through.
June 21, 1989
Court Orders Manischewitz Vote Delay: An Ohio state court ordered B. Manischewitz Co. to postpone until June 30 a shareholder vote on a Beverly Hills investment firm's $40.1-million takeover offer. The vote was scheduled for Thursday. The delay--the result of a lawsuit filed by a dissident shareholder of Manischewitz--will give National Foods Inc. more time to nail down financing for its own $43.3-million bid for the Jersey City, N.J., company. However, if the plaintiff fails to post a $100,000 bond by this afternoon, the meeting will proceed as planned, according to Levine, Tessler, Leichtman & Co., the Beverly Hills firm whose bid has already been approved by Manischewitz's board.
June 27, 1989 |
Tradition and modernity exist side by side at B. Manischewitz Co., a kosher food company known for its matzo. But by necessity the emphasis is on tradition. Each workday, rabbis assigned to Manischewitz pass a small shul, or synagogue, on their way into the Jersey City, N.J., matzo plant. There they oversee production to ensure strict adherence to kashruth , the 4,000-year-old laws that govern kosher eating and food preparation. When special Passover matzo (a flat, unleavened bread)
August 20, 1990 |
A large jump in the number of people eligible for food stamps and welfare benefits this year is costing states and the federal government billions of dollars, a published report said today. At least 44 states have reported increases in enrollment, with some rising up to 50%, according to an Agriculture Department report quoted in The New York Times. The number of people receiving food stamps rose by 1.