COLUMBUS, Ohio -- Borden Inc. yesterday rejected suitor Paul Kazarian's offer to pay $430 million, or $17 a share, for a 20 percent stake in the company.
The Columbus, Ohio, food and dairy company said Mr. Kazarian's complex proposal, which called on Borden to split into three publicly traded companies, was based on unrealistic earnings goals and fraught with other problems.
Borden Chairman Frank Tasco said the bid "does not present an attractive alternative" to a pending $2 billion tender offer for all of Borden by Kohlberg Kravis Roberts & Co., a closely held New York buyout firm.