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Gulf & Western Industries Inc. said it plans to begin a $70-a-share tender offer for Prentice-Hall Inc. after trying unsuccessfully for four months to meet with executives of the Englewood Cliffs, N.J., publisher.
Prentice-Hall executives finally did agree to a meeting, which occurred yesterday morning, when G&W made it clear that it would proceed with an offer for the company. In a statement, Prentice-Hall's president and chief executive officer, Donald Schaefer, said that the company had received an "unsolicited offer" in the meeting yesterday and that its board would meet later this week to consider the proposal. Mr. Schaefer cautioned shareholders "not to act hastily with respect to their investment" in Prentice-Hall.
G&W didn't buy any shares during recent months while it was attempting to meet with Prentice-Hall officials, apparently because Mr. Davis didn't want to appear as a hostile suitor. It isn't clear whether Prentice-Hall will fight G&W's offer now. Prentice-Hall executives couldn't be reached for comment yesterday.