P.M. BRIEFING : Investor Group Sells Emhart Shares

From Times wire services

An investor group that had sought control of Emhart Corp. said today that it has sold all its shares in the diversified manufacturer, sealing its promise to stay out of Black & Decker Corp.'s $2.8-billion bid for Emhart.

Topper L.P. said it had sold all 5.1 million of its Emhart shares on the open market today for about $39.50 a share, for a total of about $202.2 million.

A spokesman for the New York-based investor group said it had paid about $25.30 a share for the stake for a total of $129.5 million, meaning it made about $72.7 million on the stock sale. The Topper spokesman said the stock sale effectively ended Topper’s attempt to take over Emhart.