wsj_0570.xml
WSJ891030-0130
WSJ891030-0130
=
891030
=
891030
891030-0130
.
891030-0130
.
Crane
Co.
Holds
8.9
%
@
Of
Milton
Roy
Corp.
,
@
May
Seek
Control
Crane
Co.
Holds
8.9
%
@
Of
Milton
Roy
Corp.
,
@
May
Seek
Control
10/30/89
10/30/89
10/30/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
CR
MRC
CR
MRC
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
NEW
YORK
NEW
YORK
Crane
Co.
said
it
holds
an
8.9
%
stake
in
Milton
Roy
Corp.
,
an
analytical-instruments
maker
,
and
may
seek
control
of
the
company
.
Crane
,
a
maker
of
engineered
products
for
aerospace
,
construction
,
defense
and
other
uses
,
made
the
disclosure
in
a
Securities
and
Exchange
Commission
filing
.
In
the
filing
,
Crane
said
that
in
the
past
it
considered
seeking
control
of
Milton
Roy
,
of
St.
Petersburg
,
Fla.
,
through
a
merger
or
tender
offer
and
that
it
expects
to
continue
to
evaluate
an
acquisition
from
time
to
time
.
Crane
officials
did
n't
return
phone
calls
seeking
comment
.
Crane
holds
504,200
Milton
Roy
shares
,
including
254,200
bought
from
Sept.
14
to
Thursday
for
$
15.50
to
$
16.75
each
.
In
New
York
Stock
Exchange
composite
trading
Friday
,
Milton
Roy
shares
leaped
$
2
,
to
$
18.375
each
,
while
Crane
sank
$
1.125
,
to
$
21.125
a
share
.
John
M.
McNamara
,
chief
financial
officer
of
Milton
Roy
,
said
the
company
has
no
comment
on
Crane
's
filing
.
Milton
Roy
recently
fended
off
unsolicited
overtures
from
Thermo
Electron
Corp.
,
a
Waltham
,
Mass.
,
maker
of
biomedical
products
.
Milton
Roy
disclosed
in
May
that
it
was
approached
for
a
possible
acquisition
by
Thermo
Electron
,
which
agreed
to
purchase
Milton
Roy
's
liquid-chromatography
line
for
$
22
million
in
February
.
Thermo
Electron
acquired
some
6
%
of
Milton
Roy
's
common
stock
before
throwing
in
the
towel
and
reducing
its
stake
in
early
September
.
Gabelli
Group
began
raising
its
Milton
Roy
stake
in
July
,
and
holds
14.6
%
,
according
to
a
recent
SEC
filing
.
It
has
n't
made
merger
overtures
to
the
board
.
Earlier
this
month
,
Milton
Roy
signed
a
letter
of
intent
to
acquire
Automated
Custom
Systems
Inc.
,
Orange
,
Calif.
,
and
its
sister
operation
,
Environmental
Testing
Co.
,
in
Aurora
,
Colo
.
The
companies
are
automotive-emissions-testing
concerns
.
Under
the
terms
,
Milton
Roy
will
pay
an
initial
$
4
million
for
the
operations
and
additional
payments
during
the
next
four
years
based
on
the
earnings
performance
of
the
businesses
.
In
the
nine
months
,
Milton
Roy
earned
$
6.6
million
,
or
$
1.18
a
share
,
on
sales
of
$
94.3
million
.