Purolator recommended taking a takeover bid.
Directors of the Basking Ridge, N.J., package delivery company recommended that shareholders accept the $306-million tender offer by Emery Air Freight for 83% of its stock. Wilton, Conn.-based Emery’s tender offer seeks 6.33 million of Purolator’s common shares outstanding for $40 a share in cash. If the tender offer is successful, Emery would swap each of the remaining shares for a $40 face value subordinated debenture, bringing the total value of the offer up to about $306 million.
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