OAK BROOK, ILL. — Envirodyne Industries Inc. has rejected yet another offer to acquire the Oak Brook-based firm.
A $127 million offer by HK Acquisitions Corp. was deemed unacceptable and not in the best interests of stockholders by an independent committee of the board of directors. HK also offered to assume $525 million in Envirodyne debt. HK Acquisitions was formed by Michael Heisley, an Envirodyne director, and Donald Kelly, Envirodyne's former chairman, president and chief executive officer.
The offer of $8.50 per share in cash was 50 cents per share higher than a bid made in May by Zapata Corp. of Houston. HK Acquisitions' offer included a provision that would have required Envirodyne to pay HK $10 million if Envirodyne agreed to the deal, but then pulled out to pursue an alternative transaction.
Zapata, which owns 40 percent of Envirodyne's stock, has stated it will ``seriously consider'' making a higher offer if the firm puts itself up for sale.
Envirodyne has major interests in food packaging and the food supplies industry, operating through three subsidiaries — Viskase Corp., Clear Shield National Inc. and Sandusky Plastics Inc.