Newspaper article THE JOURNAL RECORD


Newspaper article THE JOURNAL RECORD


Article excerpt

Kelso Ready to Up American Standard Bid NEW YORK - Kelso & Co. is prepared to sweeten its offer for American Standard Inc. to fend off rival bidder Black & Decker Corp., but the small investment banking firm said it was not likely to act right away, according to a report published Monday.

Black & Decker, a Towson, Md.-based tool and appliance maker, raised its bid for American Standard to $77 a share from $73 a share, after the New York plumbing and air conditioning concern last week accepted Kelso's tender offer of $78 a share, or $2.5 billion.

The Kelso offer began Monday and is scheduled to expire at 12:01 a.m. EST April 1. Black & Decker extended its offer to expire on the same day.

Despite the fact that Kelso's bid is about $30 million higher, Black & Decker has maintained that its offer was better ``in light of the timing and probability of payment.''

Association Reportedly Eyeing Texas Stockyards DALLAS - The Texas Quarter Horse Association wants to build a flagship race track to show off the breed and is reportedly interested in the historic Fort Worth Stockyards, officials say.

The group's executive director, Robert Henderson of Dallas, said no decision has been made on where the quarter horse showplace would be located, however.

``I don't think there's anything official on that (the association's preferred location),'' Henderson said. ``But we are most interested in having a superb facility to showcase that (quarter horse) industry.

Henderson said the showplace facility he envisions probably would not accomodate more than 10,000 fans, compared with 25,000 or more fans expected at a major track.

The state's new pari-mutuel wagering law puts no upper limit on the length of a racing season at a Class I track, while Class II tracks are limited to 44-day racing seasons. The law limits the number of Class I tracks in the state to four, to be located near or in major metropolitan areas.

But any Class II track located in a national historic district may apply for a Class I season. …

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