February 16, 1999
OroAmerica Seeks To Acquire Michael Anthony
OroAmerica Inc. proposed Thursday to acquire all outstanding shares of Michael Anthony Jewelers Inc. for $6 per share, according to Business Wire.
OroAmerica says it submitted the proposal to Michael Anthony's board of directors last week, offering an 85% premium over Michael Anthony's closing stock price of $3.25 on Feb. 10. There is no word yet about whether Michael Anthony will accept the proposal.
The two companies made headlines most recently in respective deals with ailing manufacturer Town & Country, which filed Chapter 11 bankruptcy protection in January. OroAmerica, a designer and manufacturer of precious metal jewelry based in Burbank, CA, initially agreed to distribute certain divisions of Town & Country products. Last week Michael Anthony, a karat gold jewelry manufacturer and supplier in Mt. Vernon, NY, announced it bought all Town & Country assets.
- by Stacey King