BTR Launches Bid for Norton: British industrial...
From Times Staff and Wire Reports
BTR Launches Bid for Norton: British industrial conglomerate BTR PLC launched a surprise $1.64-billion cash bid for Massachusetts plastics and ceramics group Norton Co., one of the first major takeover offers in a quiet year for mergers and acquisitions. Norton’s stock price skyrocketed nearly 30%, or $16.625, to $74.875 as investors speculated on whether BTR would prevail, even if Norton fights the bid. Norton, based in Worcester, said it would consider the offer.
