The American Woolen Co. battle, which seemed settled a few weeks ago (TIME, March 1), broke out again last week. For the second time in less than two months, Textron Inc. offered to buy American Woolen's common stock and reorganize the company. This time it upped its cash offer from $2 to $5 a share (978,342 shares outstanding), offered in addition one-fifth share of Textron $4 preferred stock and one-half share of Textron common stock for each share of American Woolen common. The offer was equal to $24.49 a share (v. American Woolen's current market value of $19). A...
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