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Article: Investor gives firm the heat treatment; Despite pressure, Lindberg snubs bid.(stockholder offers to buy Lindberg Corp.)(Brief Article)
- Article from:
- Crain's Chicago Business
- Article date:
- June 12, 2000
- Author:
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Copyright informationCOPYRIGHT 2000 Crain Communications, 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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Lindberg Corp., an old-line heat-treating company in Rosemont, is under attack by its largest shareholder, a Miami businessman who is offering to buy the company for $9 a share, or about $44 million.
Ira Sochet, 62, who was a senior vice-president at New York-based Drexel Burnham Lambert Inc. when the firm was rattling Wall Street by financing hostile takeovers, says he doesn't want to run Lindberg.
Though the company rebuffed his bid earlier this month, Mr. Sochet says he hasn't given up on his strategy to boost Lindberg's undervalued stock. His campaign could galvanize shareholders and make it difficult for the 76-year-old firm to remain independent.
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