OAK BROOK, ILL. — Envirodyne Industries Inc. of Oak Brook has retained an investment adviser to help its board of directors evaluate whether to sell the company, sell business units or recapitalize.
The firm thwarted a hostile takeover and rejected two acquisition offers this year. It is evaluating another bid, from Heico Holdings Inc., a Delaware corporation affiliated with Envirodyne director Michael Heisley.
Zapata Corp., the Houston firm that unsuccessfully attempted to take over Envirodyne earlier this year, holds 40 percent of its common stock. Zapata officials have stated that if Envirodyne engaged a financial advisor to maximize shareholder value, it would support the process and make an offer to purchase the firm.
Through three subsidiaries, Envirodyne serves the food packaging and food supplies industries.