Casablanca Board Approves Deal: Casablanca Industries Inc....

Casablanca Board Approves Deal: Casablanca Industries Inc. said its board has approved and signed a definitive agreement for the City of Industry ceiling-fan maker’s acquisition by Casablanca Acquisition Corp., which was formed by J. D. Schnitzer, through a cash tender offer for all of Casablanca’s shares at $11.125 each. The tender offer is conditioned upon receipt of at least 90% of the outstanding Casablanca shares and will begin no later than Wednesday. Casablanca said its principal shareholder, Diana Corp., has agreed to tender its shares representing about 50% of outstanding stock.