J.F. Lehman Lowers Offer for Special Devices

Special Devices Inc. said closely held J.F. Lehman & Co. cut the price it will pay for the world’s largest maker of automotive air-bag triggers to about $266 million from its original offer of $296 million. Special Devices said the price was cut to $34 a share from $37 because of market volatility since the company’s special shareholders meeting Sept. 23, but didn’t elaborate. Company officials weren’t immediately available for comment. New York-based J.F. Lehman, a private equity fund, agreed in June to buy Newhall-based Special Devices. Special Devices shareholders dropped a lawsuit earlier this month in return for more details about financial projections. The stockholders won’t get any additional money for their shares. Special Devices stock rose $1.75 to close at $31.50 on Nasdaq. The shares have fallen 11% since the takeover was announced June 22.