Crown drops offer to buy Van Dorn Co.

February 19, 1992|By Dow Jones News Service

PHILDELPHIA — PHILADELPHIA -- Crown Cork & Seal Co. said yesterday that it had terminated its offer to acquire Van Dorn Co. for $20 a share.

William J. Avery, Crown's chairman, president and chief executive, said Van Dorn President W. G. Pryor "has refused all attempts to negotiate the terms of a possible transaction or discuss the merits of Crown's proposal."

Separately, Crown Cork & Seal, which is based in Philadelphia and has operations in Baltimore, said it plans to build a can plant in Dubai, United Arab Emirates, in a joint venture with a Saudi Arabian company.

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