With two offers of sale or merger...

With two offers of sale or merger from smaller concerns, Heritage Entertainment said its board of directors decided after conferring with advisers that “now is not the time to sell.” Offers had been received from Today Home Entertainment and from Odyssey Entertainment for the Los Angeles-based independent movie maker. Arthur S. Steloff, president and chairman of Heritage, said the board “has determined not to pursue discussions” with either suitor and noted that neither “had any real operating history” or “any significant revenues.”