American Standard said it is discussing a...

American Standard said it is discussing a new cash buyout offer of more than $75 a share, worth about $2.35 billion, and the company said its board will consider definitive bids Wednesday. It also said it would drop its “poison pill” anti-takeover defense if more than 50% of the firm’s shares were bought under a formal offer. Black & Decker, which has offered $73 a share, or about $2.27 billion in cash, has sought removal of the poison pill and demanded more financial information since launching a hostile bid last month--data American Standard said has now been provided. The new offer, whose source was not named, not only exceeds Black & Decker’s but also negates American Standard’s own defensive recapitalization plan, worth about $71 a share, a spokesman said. American Standard stock rose $1 to $73.25 in Friday trading.