OTHER NEWS - Oct. 9, 1996
Times Staff and Wire Reports
Jewelers in Takeover Talks: Burbank-based OroAmerica Inc., a maker of gold jewelry, said it is in preliminary talks about being acquired by Michael Anthony Jewelers Inc. in a deal valued at about $47 million. Under the terms being considered, OroAmerica shareholders would receive $7.50 in cash and Michael Anthony stock for each share held. OroAmerica has about 6.3 million shares outstanding. Mt. Vernon, N.Y.-based Michael Anthony Jewelers also makes gold jewelry. The company had sales of $145.3 million in the year ended Jan. 27. OroAmerica had sales of $213.4 million in the year ended Feb. 2.
