Jacobs Engineering Group of Pasadena reported that...

Jacobs Engineering Group of Pasadena reported that its chairman, Joseph J. Jacobs, has withdrawn his proposal to buy out the 57.4% of the firm’s shares that he and his family don’t already own, citing current conditions in the bond market . . . Gibraltar Financial Corp. announced the resumption of cash dividend payments for the first time since 1980 and declared a cash dividend of 5 cents a share payable May 1 to shareholders of record April 1 . . . Maxxam Group reported that its proposed $870-million acquisition of Pacific Lumber Co. was approved by Pacific Lumber’s stockholders . . . Sheller-Globe Corp. said it signed a definitive agreement to be acquired for about $482 million by an investor group that includes General Felt Industries, Shearson Lehman Bros. and Sheller-Globe senior management.