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SINGER REJECTS TENDER OFFER FROM BILZERIAN GROUP

Singer Co has firmly rejected the $50 a share tender offer for the Montvale, New Jersey company from the group led by Florida investor Paul Bilzerian, and says that it will explore a variety of alternatives including sale of all or part of the company, a restructuring or liquidation, or a private sale or a distribution of equity; Bilzerian’s group already holds 9.99% of Singer, Mesa Limited Partnership has another 9.9%, and Singer’s debt already nearly equals its equity, all of which leads observers to believe it will be acquired.

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CBR Staff Writer

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