Anderson, Clayton commenced a share buyback.

The Houston-based maker of Gaines Burgers and Chiffon margarine said it will repurchase 8 million of its 12.2 million common shares for $60 a share in cash. The company said the offer was contingent on financing the $480-million share repurchase. The firm said it has arranged to borrow $255 million from a group of banks led by Bank of America and may also issue $150 million in subordinated notes. Anderson Clayton & Co. has rejected a $56-a-share cash offer from two New York investment banks, Bear, Stearns & Co. and Gruss & Co.