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January 3, 1988

BILZERIAN CLOSES IN ON SINGER

By CBR Staff Writer

Despite entertaining a string of suitors in the run-up to Christmas, Singer Co failed to find an attractive alternative to the $50 a share offer from Paul Bilzerian’s Singer Acquisition Co, and has resigned itself to accepting the offer – if Bilzerian is able to raise the necessary finance. He for his part has extended the offer to today, and says that Shearson Lehman and a group of banks have promised all bar $150m of the $1,000m or so he needs. He was last week seeking buyers for the last $150m in the form of junior subordinated notes.

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