P.M. BRIEFING : Bid for Di Giorgio Corp. Extended
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SAN FRANCISCO — New Jersey investor Arthur M. Goldberg extended his $163.6-million tender offer for Di Giorgio Corp. today and warned the company’s board not to shop the company around for too long.
Goldberg extended his $32-a-share bid for the food distribution and building materials company until Sept. 20. The cash offer, launched Aug. 3, was due to expire at midnight today.
As of Tuesday, 3,820 shares had been tendered to Goldberg’s DIG Acquisition Corp. Combined with the 717,900 shares he already owns, the stock gives Goldberg control of 13% of Di Giorgio’s outstanding common stock, on a fully diluted basis.
Di Giorgio’s board rejected Goldberg’s offer Aug. 15 and said it was exploring alternatives, including the sale of all or part of the company.
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