AC Acquisitions ended its Anderson, Clayton bid.
The investment group had mounted a $683-million hostile takeover bid for Anderson, Clayton & Co., a Houston-based food products concern. AC Acquisitions was formed by the investment firms of Bear, Stearns & Co. and Gruss & Co. to make the bid. Late last week, Ralston Purina Co., the giant pet-food producer, said it planned to offer $62 cash, or $756.4 million, for Anderson, Clayton. The Houston company’s products include Gaines pet foods, Seven Seas salad dressings and Chiffon margarine.