February 17, 1999
No Oro, Says Michael Anthony
Michael Anthony Jewelers Inc. yesterday rejected OroAmerica's unsolicited proposal to acquire Michael Anthony for $6 per share.
Michael Anthony's board of directors met yesterday to review the company's progress and long-term strategic plan, according to a release. The directors unanimously decided OroAmerica's offer was "inadequate" and not in the best interest of the company. OroAmerica's proposed price was an 85% premium over Michael Anthony's closing stock price of $3.25 per share on Feb. 10.
Michael Anthony, Mt. Vernon, NY, is a manufacturer and supplier of karat gold jewelry to discount and department stores, jewelry chains, TV shopping networks and wholesalers. OroAmerica, Burbank, CA, is a manufacturer of gold and silver jewelry products.
- by Stacey King