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Article: Travis Street threatens battle for ICO Inc.(Brief Article)
- Article from:
- Plastics News
- Article date:
- January 8, 2001
- Author:
CopyrightCOPYRIGHT 2001 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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A Houston-based investment firm is turning up the heat on plastics and oil-field service provider ICO Inc., threatening a proxy fight to gain control of the company after ICO management rejected a Dec. 20 buyout bid.
Travis Street Partners LLC offered $2.85 per share for Houston-based ICO, which owns plastics compounders Wedco Inc. and Bayshore Industrial Inc. in addition to being a major provider of powdered resins used in rotational molding.
The offer was 82 percent more than ICO's Dec. 20 closing price. Asher Pacholder, ICO chairman and chief financial officer, responded in a Dec. 22 letter by saying the offer would be "inconsistent" with ICO ...