Is Stewart & Stevenson Still In Play?
The Milwaukee Journal-Sentinel is reporting that activist shareholders are pressing the board of Stewart & Stevenson Services Inc. to entertain further offers for the company - a move that could help pry open the door for a renewed acquisition attempt by Oshkosh Truck Corp.
The newspaper said that, Oshkosh Truck submitted the high bid for Stewart, a key competitor on military contracts, in late February. Stewart & Stevenson board rejected the $35.50-a-share offer, saying it feared regulatory problems could delay or block a purchase by the
Instead, the Stewart & Stevenson board accepted a $35-a-share, $755 million offer from Armor Holdings Inc. of
There things stood until last week, when
"I've never seen that before, and I've been doing this for 20 years," he told the
Levenson and other investment professionals interpreted the