MARTIN PROCESSING <MPI> ACCEPTS COURTAULDS BID
Martin Processing Inc said its
board approved an agreement to be acquired by Courtaulds Plc
<COU.L> for 20 dlrs a share.
    The company said the transaction is valued at more than 99
mln dlrs, based on its 4,963,620 shares of stock outstanding.
    It said Courtaulds has privately agreed to purchase a
majority of Martin's common from trusts established by Julius
Hermes for 20 dlrs a share. It said Courtaulds intends to
conduct a tender offer for all the Martin stock it does not
own, beginning as soon as necessary documents are prepared.
 Reuter
