Filofax Accepts Unsolicited Day Runner Bid

One day after announcing an unsolicited bid for a British competitor, Day Runner Inc. said it has worked out a deal to buy Filofax Group. Irvine-based Day Runner sweetened its offer by about $4 million to nearly $84.5 million and also began buying Filofax stock on the open market. Day Runner collected shares and “irrevocable commitments” from shareholders that would have given it a 23.2% stake in the stationery products manufacturer. Day Runner agreed to pay about $3.53 per share, a 50% premium over Filofax’s Wednesday closing price of about $2.35 a share. Day Runner originally had offered to pay $3.36 a share, or $80.5 million. The acquisition would be funded with a bank loan. Day Runner, a maker of organizers and personal planners, launched its unsolicited takeover bid as part of its strategy to expand internationally. Day Runner shares closed up 38 cents at $19.50 in Nasdaq trading.