Committee of HCC Board Retains Bear, Stearns

HCC Industries of Encino announced that a committee of its board of directors retained Bear, Stearns & Co. to help it consider a leveraged buyout offer worth about $10.5 million made by a group of top HCC executives in August.

The management group, led by HCC Chief Executive Andrew Goldfarb, bid about $8.50 per share for the stock it does not already own.

A number of public stockholders then filed suit in Court of Chancery in Delaware to block the bid. The suit maintained that the bidding managers and other HCC officials, including Chairman Jack Goldfarb, had breached their duty to stockholders and that the price offered was “grossly inadequate.”