Levi Strauss Sees Buy-Out Offer
from Associated Press
Levi Strauss & Co., whose declining sales prompted a move to consolidate operations a year ago, halted trading briefly in its stock today and indicated that it may receive a $1.11-billion buy-out offer.
The San Francisco-based company said Robert Haas, its president and chief executive, is considering making a $50-per-share offer for the 60% of Levi’s 37.1 million shares not owned by descendants of the company’s founder, Levi Strauss. The proposal would return control of the company to Strauss’ descendants. After trading resumed on the New York Stock Exchange an opening block of 36,900 shares brought $45.50 each, up $4.75 a share from the halt and up $8.50 a share from Wednesday’s close.
