CLEVITE <CLEV> GETS 13.50 DLR/SHR OFFER
Clevite Industries Inc said it
received a written proposal from J.P. Industries Inc <JPI>
seeking to buy all of its outstanding shares for 13.50 dlrs a
share.
    Clevite's stock was trading on NASDAQ at 13-1/4.
    J.P. Industries recently completed the acquisition of
Clevite's Engine Parts Division.
    J.P. Industries said its proposed transaction would be
financed through borrowings under its available bank lines and
a bridge financing facility which Donaldson Lufkin and Jenrette
Securities Corp agreed to arrange.
    To expedite the transaction, J.P. Industries said it would
be willing to start a cash tender for Clevite's shares within
five days after agreeing upon a definitive merger and
confirmation of Clevite's financial results and condition.

 Reuter
