Hanson Offers $630 Million for Rest of SCM

Hanson Trust PLC resumed its formal pursuit of SCM Corp. on Tuesday, claiming that it had blocked a rival bidder and offering $75 a share in cash for the two-thirds of SCM’s stock that it does not yet own.

Hanson Trust, which earlier spent about $250 million to buy 32.1% of SCM’s outstanding shares, is offering another $630 million for the remaining 8.4 million shares.

That compares to an offer of $74 a share in cash and securities, a deal valued at $910 million, for all 12.3 million shares by an investor group that includes SCM management and the investment firm of Merrill Lynch & Co.

When Hanson Trust first began the bidding for SCM in August, it offered $60 a share.

SCM stock was heavily traded after the new offer was unveiled and closed at $72.75 a share, up 25 cents, on Tuesday.

Unsolicited Bid

Hanson Trust’s unsolicited bid was withdrawn last month after SCM agreed to be acquired by the Merrill Lynch group. But Hanson Trust won a court fight that enabled it to continue buying SCM stock on the open market.

Sir Gordon White, chairman of the North American interests of Hanson Trust, announced the new offer for SCM shares Tuesday.

White said that Hanson Trust’s large holdings in SCM made it impossible for the Merrill Lynch group to succeed in its bid and that he “assumed SCM management would now take all steps in its power to enable SCM’s shareholders to accept the new Hanson bid promptly.”

Telephone calls seeking comment from SCM were not returned. Merrill Lynch also declined comment.