REXHAM <RXH> REPURCHASES STAKE FROM NORTEK <NTK>
Rexham Corp said it has
repurchased 381,050 of its shares or 9.1 pct from Nortek Inc
for 42 dlrs each, and Nortek has withdrawn its proposal to
acquire Rexham for 43 dlrs per share.
    Rexham said Nortek has also agreed not to buy Rexham shares
or take other actions under a 10-year standstill agreement. 
The Rexham board had rejected the Nortek bid as inadequate.
    The company also said its board has authorized the
repurchase in the open market or privately from time to time of
up to an additional five pct of its own shares and the
establishment of an Employee Stock Ownership Plan.  The plan is
expected to purchase from Rexham a new convertible preferred
stock with 11.5 pct of Rexham's voting power with proceeds of a
pension plan overfunding and borrowings.
 Reuter
