A group of Dallas business executives offered...

A group of Dallas business executives offered to buy Todd Shipyards’ Aro Corp. subsidiary for $90 million in cash and $20 million in subordinated debt. The group includes DOT Partnership, which already owns nearly 10% of the Jersey City, N.J., shipbuilder and about $20 million worth of its debentures. David W. Wallace, chairman of Todd, recently called Aro, which manufacturers air-powered tools, the “crown jewel” of money-losing Todd. Todd made no comment on the latest offer.