ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Tuesday, September 17, 1996 TAG: 9609170113
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
Ocean Reef withdraws Best Products offer
RICHMOND - Share prices for Best Products Co. dropped sharply Monday after the struggling retailer announced that Ocean Reef Management was withdrawing its unsolicited offer to buy the company.
Best said Ocean Reef concluded that the takeover requires greater resources than it originally thought. However, it said Ocean Reef wants to continue talks and may develop an alternative proposal.
Miami-based Ocean Reef had been offering $2 a share, or $63.2 million, for the company.
Best stock fell more than 58 percent on the news, dropping 621/2 cents a share to close at 433/4 cents on the Nasdaq Stock Market.
Best also announced that poor sales are forcing it to delay some payments and the receipt of some shipments.
A company spokesman said Best is evaluating its options.
Best operates 169 stores in 23 states. The catalog showroom retailer has been trying to convert itself into a specialty retailer.
Best lost $95.7 million last year, the second worst loss in the company's history. Its first-quarter loss this year was four times greater than it was for the same period a year ago.
Best emerged from bankruptcy in June 1994.
- Associated Press
Four loans placed on nursing homes
The Richmond office of Highland Mortgage Co. has placed four loans totaling $13.8 million for refinancing of nursing homes owned by Medical Facilities of America of Roanoke. The homes are Appomattox Health Care Center, Berkshire Health Care Center, Norfolk Health Care Center and Waverly Health Care Center.
The 25-year loans are insured under the National Housing Act with funding provided by issuance of Government National Mortgage Association mortgage-backed securities. - Staff report
LENGTH: Short : 43 linesby CNB