COMPANIES

Johnson Withdraws Buyout Offer: The family that controls Johnson Products Co., the second-largest maker of black hair-care items, said it has dropped plans to take the company private in a $20.6-million buyout. The Chicago-based firm late last month offered $17.25 for each of Johnson Products 1.2 million outstanding shares. The shares represent 39% of Johnson’s stock, with the remaining 61% owned by Chairwoman Joan B. Johnson, who founded the company with her former husband 37 years ago. The firm did not say why the bid was dropped, but it had stated last month that it was contingent upon financing and approval by directors and stockholders.