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Article: $8.7m Movie Star deal dropped, talks continue. (Joseph Eiger drops acquisition plan)
- Article from:
- Daily News Record
- Article date:
- November 17, 1987
CopyrightCOPYRIGHT 1987 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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$8.7M Movie Star Deal Dropped, Talks Continue
An investment group headed by Joseph Eiger has dropped its original agreement to buy Movie Star, Inc., because it couldn't come up with financing for the $8,763,300 deal.
However, both groups are now working out an alternative transaction which would provide $7 million of the needed funds, so that the sale of the lingerie and loungewear manufacturer could be carried through.
In September, Eiger, head of Transnational Capital Ventures, Inc., reached an agreement to buy Movie Star for $10.50 a share. The new plan would be more complicated: Movie Star would sell its Schwabe division to Eiger for 75 ...