Black & Decker Corp. withdrew its $77-a-share...

Black & Decker Corp. withdrew its $77-a-share bid for American Standard Inc. halting the bidding war over the plumbing giant, and allowing a $2.45-billion leveraged buyout spearheaded by Kelso & Co. to go forward. The Towson, Md.-based tool manufacturer agreed not to purchase shares of American Standard until Kelso has had an opportunity to pursue its $78-a-share tender offer, according to a Black & Decker announcement. Under the agreement, Kelso will pay Black & Decker $25 million for withdrawing its bid, as soon as Kelso begins purchasing stock under its tender offer.