Emhart Turns Down $2.4-Billion Bid

Emhart Corp.’s board of directors rejected an investment group’s unsolicited $2.4-billion takeover offer Thursday. The company also said it had received rival buyout bids from other parties.

Peter L. Scott, Emhart’s chairman and chief executive, recommended shareholders not tender any of their stock to Topper Acquisition Corp. and raised questions about unusual movements in Emhart’s stock price before the group’s bid.

“This trading raises disquieting questions as to whether the government’s actions aimed at curbing insider trading on non-public information have been effective,” Scott said in a letter to shareholders.

Topper, whose investors include oil heir Gordon P. Getty and New York developers Lawrence and Zachary Fisher, offered $35 a share for Emhart on Feb. 24.

A spokesman for Topper, who asked that his name not be used, said the investment group would have no immediate comment on Emhart’s action or the allegations of insider trading.

Emhart stock rose 37.50 cents to $42.3750 a share Thursday in New York Stock Exchange trading.