P. M. BRIEFING : Whittaker Restructures, Plans Sale

From Times wire services

Whittaker Corp., apparently seeking to elude takeover plans by New Jersey investor Louis Caiola, today announced a recapitalization and restructuring that will include the sale of parts of its chemical operations.

The Los Angeles-based company, which spurned a $322-million or $47.50-a-share offer from Caiola last year, said its board approved a plan under which shareholders, except senior management, will receive $40 per share in cash plus one share of common in the restructured company.

Stock in the chemicals and defense technology company jumped after news of the recapitalization, rising $2.75 to $47.125 in midday trading on the New York Stock Exchange.

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