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Market Wrap
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Business New Haven
7/13/1998
By: BNH
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MILFORD - Lawndale Capital Management acquired a 5.8-percent stake in Milford's Executone Information Systems (NASDAQ: XTON) in an attempt to push Executone to improve shareholder value. Executone had received an offer of $50 million for its phone system unit, but rejected the bid. Instead, its plans include a breakout of the UniStar business, and the company has as well hired Furman Selz LLC for advice concerning its business operations. Executone's stock recently reached a high of $2.83 but closed on June 26 at $2.00, up 5/32 from the day before.
STAMFORD - After the company announced production problems in England, ChiRex Inc.'s (NASDAQ: CHRX) stock dropped 30 percent to $14.19. The company is trying to address impurity problems with one of its products. The problem could mean $2 million in lost revenues for its second quarter. The stock has rebounded slightly, closing at $17.50 on June 26.
NORWALK - Summit Bancorp of New Jersey has agreed to purchase NSS Bancorp of Norwalk for $135.6 million in stock. With this acquisition, Summit ventures for the first time into the Connecticut market. NSS Bancorp stock recently moved more than nine points to 55 1/4.
HARTFORD - Berkshire Hathaway has announced plans to purchase General Re Corp. (NYSE: GRN) in a stock deal worth $22 billion. Headquartered in Stamford, General Re is the third-largest reinsurer in the world. Upon release of the news, General Re shares rose more than 39 points to close at $259.50 on June 22. On June 26, the stock closed at $257.02.
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