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George Mathews Jr. may have dropped his protracted bid to acquire Intermet Corp., the company he founded 23 years ago.
Mathews' $337.5 million unsolicited offer for Intermet (Nasdaq: INMT) was spurned by company directors in October as insufficient. The offer never was withdrawn, but Mathews has disposed of 132,600 Intermet shares, lessening the 23 percent stake he and family members hold.
"It seems to have gone away," John Doddridge, chairman and CEO of the Troy-based iron-foundry company, said now that Mathews has disposed of stock valued at $13.3 million.
"They never pushed it any further."
The company, surprised by Mathews' offer, built a takeover defense and added a prominent Wall Street investment-banking concern and a silk-stocking law firm for a fight yet to be joined: Mathews, who remains a company director, never has clarified the status of his takeover bid, said company officials. Intermet officials continue to receive calls...