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Article: Chicago-Based Rival to Acquire Pittsburgh-Based Lime Producer Dravo Corp..

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Knight Ridder/Tribune Business News
Article date:
September 18, 1998
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Knight Ridder/Tribune Business News

Sep. 16--It took more than 11 years, but Dravo Corp.'s parched shareholders yesterday finally got what they were waiting for: a "liquidity event."

Rival Carmeuse Lime Inc. announced it will launch a $13-a-share tender offer for Dravo, the largest publicly held U.S. lime producer. Carmeuse will also assume Dravo's liabilities. Dravo directors recommended shareholders accept the offer and they expect a majority of them will take the money and run, allowing the acquisition to be completed by the end of October.

Investors also expressed confidence the deal will be consummated. Dravo shares closed yesterday at ...

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