Blaming a market saturated with new stock offerings, Black & Decker Corp. postponed yesterday the initial public offering for PRC Advanced Systems Inc., its computer systems subsidiary.
It was the second unsuccessful effort by the Towson-based maker of power tools and appliances to sell the subsidiary since it was acquired as part of the purchase of Emhart Corp. in 1989.
The company's announcement came after Black & Decker made a series of presentations that failed to draw the desired number of institutional investors. "That's a sign of where the markets are," said Michael S. Karsner, Black & Decker's vice president and treasurer.
Black & Decker announced in March that it planned to sell PRC, hoping to raise $331 million to $363 million. The company also said then that it would be selling up to 20.7 million shares of Black & Decker common stock in a separate offering.
But when there were no acceptable offers, PRC was taken off the market in the spring of 1990.