September 19, 1997 |
Memtec Ltd., an Australian-based filtration products company, rejected a $330-million takeover bid from Palm Desert-based U.S. Filter Corp. as "opportunistic and woefully inadequate." Memtec American depositary receipts rose $9.50 to close at $34.13 in Nasdaq trading of 3.01 million shares, more than 26 times the three-month daily average. The rise indicates that investors expect U.S. Filter will have to boost its bid. U.S. Filter shares fell 94 cents to close at $40.81 in trading of 1.
September 17, 1996 |
U.S. Filter Corp., relentlessly pursuing an acquisition binge to be the global leader in municipal and industrial water treatment, agreed Monday to buy the industrial water treatment unit of Wheelabrator Technologies Inc. for $385 million in cash. The purchase would be only the latest in a flurry of takeovers by U.S. Filter, a Palm Desert-based provider of water treatment machinery and services that has bought more than 40 similar companies since 1990, including several this year.