P. M. BRIEFING : Black & Decker Gets 95% of Emhart
<i> From Times wire service</i> s
TOWSON, Md. —
Black & Decker Corp. said today it received 95% of the stock of Emhart Corp. in a tender offer, enough to complete a $2.8-billion takeover of the diversified manufacturing company.
Black & Decker offered Emhart shareholders $40 a share for their stock. Based on a preliminary count today, about 95% of Emhart’s outstanding shares were tendered under the offer, which expired this morning.
Black & Decker will now authorize its banks to begin paying shareholders. Although Emhart in effect comes under Black & Decker control today, the actual merger will take about 60 days to complete. Emhart shareholders who do not sell their stock to Black & Decker will be able to get $40 a share once the merger is final.
