P.M. BRIEFING : Investor Group Sells Emhart Shares
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FARMINGTON, Conn. — An investor group that had sought control of Emhart Corp. said today that it has sold all its shares in the diversified manufacturer, sealing its promise to stay out of Black & Decker Corp.’s $2.8-billion bid for Emhart.
Topper L.P. said it had sold all 5.1 million of its Emhart shares on the open market today for about $39.50 a share, for a total of about $202.2 million.
A spokesman for the New York-based investor group said it had paid about $25.30 a share for the stake for a total of $129.5 million, meaning it made about $72.7 million on the stock sale. The Topper spokesman said the stock sale effectively ended Topper’s attempt to take over Emhart.
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