Morehouse Industries Inc. of Fullerton offered Tuesday...
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Morehouse Industries Inc. of Fullerton offered Tuesday to purchase, for $2 a share, all common stock held by persons owning 99 or fewer shares as of Aug. 28.
E.J. Szkaradek, president of the chemical processing equipment maker, said the company wanted to reduce the “disproportionate long-term costs” of maintaining small shareholders. In addition, the company said it wanted to help odd-lot shareholders sell their stock without having to pay brokerage fees.
Szkaradek dismissed suggestions that the move would bolster the company’s position in the event of a hostile takeover attempt.
The offer, which will be mailed to eligible stockholders Sept. 26, expires Nov. 11.
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