OTHER NEWS - May 30, 1995
<i> Times Staff and Wire Reports</i>
Labatt Urges Rejection of Onex Bid: Canadian brewer John Labatt Ltd., maker of Rolling Rock beer, said its board has recommended that shareholders reject a $1.7-billion takeover offer from Canadian conglomerate Onex Corp. Labatt said in a mailing to shareholders that the $17.50-a-share bid from the Onex group, which includes several Canadian investors and Luxembourg-based Quilmes Industrial, is “inadequate and not in the best interests of shareholders.” On Friday, Labatt filed suit in U.S. District Court in New York to force Onex to extend the bid to U.S. shareholders, in a move to buy time to find a higher bid.
