Transway rejected Nortek’s sweetened offer.
Nortek increased its bid for Transway International to $45 a share, or $298 million, on Aug. 23, just a few days after making its original bid of $40 a share, or $265 million. A spokeswoman for White Plains, N.Y.-based Transway said that the board instructed management to continue to seek a transaction that would provide shareholders more value for their shares.
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