MONMOUTH JUNCTION, NJ Guest Supply said a group led by investor Barry Florescue offered to buy the provider of housekeeping supplies to hotels for $139 million plus the assumption of debt.
BFMA Holding Corp., owner of Marietta Corp., offered to buy Guest Supply for $21 a share, its second bid since June 1. The offer is 15% more than the closing price of the shares today.
BFMA, which holds a 4.7% stake in Guest Supply, last offered to buy the company for $24 a share to merge its business with Marietta, which makes soaps, shampoos and conditioners that Guest Supply distributes to hotels. Guest Supply rejected that offer and declined to provide information requested by BFMA, according to a SEC filing.
BFMA is asking shareholders to elect two of its directors, Logan Delany Jr. and Charles Miersch, to Guest Supply s board at a January 17 meeting. Guest Supply is protected against an unwanted takeover by a poison pill. which compels it to increase the number of outstanding shares if a hostile offer is made. (11/17/00)