wsj_1033.xml
WSJ891026-0023
WSJ891026-0023
=
891026
=
891026
891026-0023
.
891026-0023
.
Business
Brief
--
Esselte
AB
:
@
Bid
to
Buy
Remaining
22
%
@
Of
Unit
Is
Made
by
Firm
Business
Brief
--
Esselte
AB
:
@
Bid
to
Buy
Remaining
22
%
@
Of
Unit
Is
Made
by
Firm
10/26/89
10/26/89
10/26/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
S.ESL
ESB
S.ESL
ESB
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
EARNINGS
(
ERN
)
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
EARNINGS
(
ERN
)
Esselte
AB
,
the
Stockholm
office
supplies
company
,
as
expected
,
proposed
to
acquire
the
22
%
it
does
n't
own
of
its
U.S.
unit
,
Esselte
Business
Systems
Inc
.
The
price
in
the
proposal
is
$
43.50
for
each
of
the
4.9
million
shares
the
parent
does
n't
own
,
or
$
213.2
million
.
In
New
York
Stock
Exchange
composite
trading
,
Esselte
closed
yesterday
at
$
43.50
a
share
,
up
$
1
.
A
committee
of
outside
directors
for
the
Garden
City
,
N.Y.
,
unit
is
evaluating
the
proposal
;
the
parent
asked
it
to
respond
by
Oct.
31
.
The
unit
said
it
can
provide
no
assurance
a
transaction
will
occur
.
Esselte
AB
sold
the
minority
stake
five
years
ago
in
a
$
40
million
international
share
offering
.
The
unit
,
which
is
the
holding
company
for
Esselte
's
non-Swedish
units
,
accounted
for
58
%
of
sales
and
71
%
of
operating
profit
last
year
.
Separately
,
Esselte
Business
Systems
reported
third-quarter
net
income
fell
5.9
%
to
$
9.5
million
,
or
46
cents
a
share
,
from
$
10.1
million
,
or
49
cents
a
share
,
in
the
year-ago
period
.
Sales
rose
2.9
%
to
$
329.2
million
from
$
320
million
.