February 2, 1988 |
A group led by investor Paul Bilzerian said Monday that it had executed definitive agreements for the financing it needed to complete its $1.06-billion buyout of Singer Co. The group said Shearson Lehman Hutton and Mesa Limited Partnership agreed to provide a total of $505 million to finance its $50-a-share cash tender offer for Singer. The group also said it planned to execute an agreement with NatWest USA for $540 million in margin debt.
January 14, 1988 |
Singer Co. said its board Wednesday agreed to a $1.06-billion takeover of the defense electronics firm by investor Paul Bilzerian. Bilzerian bid $50 a share for Singer, which at first resisted his overtures but gave in when no other suitor emerged with a better offer. Singer shares closed at $49 Wednesday, up 50 cents from Tuesday. Singer said its board recommended that shareholders sell their stock to Bilzerian. Bilzerian and his backers, grouped as Singer Acquisition Co.
January 13, 1988 |
Singer Co. said it tentatively agreed Tuesday to a once-hostile $1.06-billion takeover bid by a group headed by Florida financier Paul Bilzerian. Singer's board will hold a special meeting today to consider ratifying the agreement with Singer Acquisition Co., a subsidiary of Bilzerian Partners Limited Partnership 1.
January 7, 1988 |
The partnership led by oilman T. Boone Pickens Jr. has agreed to help provide financing for investor Paul Bilzerian's $1.06-billion takeover of Singer Co., a group headed by Bilzerian announced Wednesday. The agreement by Pickens' Mesa Holding Limited Partnership to provide up to $150 million in junior subordinated financing for the $50-a-share buyout offer completes commitments for the financing needed to complete the deal, the Bilzerian group said.
December 22, 1987 |
Singer Co., unable to find an alternative offer for merger or acquisition, said its board believes that a $1.05-billion or $50-a-share tender offer by a group led by Florida investor Paul Bilzerian is acceptable. In announcing its decision late Sunday night, the board stopped short of recommending the Bilzerian offer to shareholders, saying that it was concerned about the availability of financing. The board's worries over financing sent Singer's stock plunging to $43.50, off $5.
November 14, 1987 |
Singer Co. advised its shareholders Friday to reject an unsolicited $1.06-billion tender offer from a group led by Paul Bilzerian and said that it had sued the Florida investor for allegedly violating securities laws in mounting the bid. The $50-a-share offer was inadequate and "contains many uncertainties," including the ability to raise financing for completing the offer, chairman William F. Schmied wrote in a letter to shareholders.