In Brief : Varity Sweetens Fruehauf Offer
DETROIT — Canada’s Varity Corp. has made a new offer for Fruehauf Corp. that would be more favorable for Fruehauf stockholders than Fruehauf’s own recapitalization plan, Varity said today. Total amount of the offer was undisclosed. Varity and Fruehauf officials did not immediately return phone calls seeking details.
Varity called off earlier negotiations on acquisition of Fruehauf in October, citing only its review of Fruehauf’s records and assets.
Varity, formerly Massey-Ferguson, is a Toronto-based farm and industrial machinery maker.
Fruehauf makes truck trailers and automotive and maritime products, and its Kelsey Hayes subsidiary is a leading supplier of anti-lock braking systems. Fruehauf has struggled with debt since a 1986 leveraged buyout and reported a net loss of $41.5 million for 1987.
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