Purchase, New York-based JWP Inc won whatever bidding there may have been for San Jose-based Businessland Inc, and yesterday announced agreement to acquire the company. It will make a tender offer of about $1.30 a share for up 17m Businessland common and for all the struggling retailer’s 5.5% convertible subordinated debentures due 2007 at $250 per $1,000 principal amount. The offer is conditional on at least 51% of the shares outstanding being tendered and at least 75% of the debentures. After completing the offer, JWP will issue JWP common for Businessland shares not purchased, at a rate working out at $1.30 a share provided JWP shares remain in a range of $21.50 and $15.25; Businessland recommends acceptance.
