Supplier News

MICHAEL ANTHONY REJECTS OROAMERICA’S OFFER Michael Anthony Jewelers Inc. has rejected an unsolicited offer from OroAmerica, a major competitor, to buy the Mount Vernon, N.Y., company. Michael Anthony’s board of directors met Feb. 16 to review the company’s long-term strategic plan and preliminary results for the fiscal year ended Jan. 31. Those results were expected to be “substantially better” than the previous year’s, according to the company. The board unanimously rejected OroAmerica’s offer as “inadequate” and “not in the best interest” of Michael Anthony and its stockholders. OroAmerica, headquartered in Burbank, Calif., had offered on Feb. 11 to pay $6 a share in an all-cash transaction for all of Michael Anthony’s common stock. That offer was 85% above Michael Anthony’s closing stock price of $3.25 on Feb. 10 and 41% above its highest closing price

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