Interco rejected Cardinal Acquisition’s sweetened buyout offer...

Interco rejected Cardinal Acquisition’s sweetened buyout offer as inadequate and boosted dividend payouts under a restructuring program that it said was superior to the Cardinal offer. Cardinal, led by Washington businessmen Stephen and Mitchell Rales, on Monday raised its bid for Interco, the nation’s largest maker of furniture and men’s shoes, to $2.84 billion, or $74 a share. Interco said its board had approved a cash and securities payout to shareholders worth $30.80 a share. The payout follows a $25-a-share cash dividend paid to shareholders on Oct. 13.