Mobex Corp. Extends Offer to Buy Shares of Grant Industries

Mobex Corp., a privately held building products company headquartered in Anaheim, said it has extended until Monday evening its $18.6-million cash offer to purchase all outstanding shares of common stock of New York-based Grant Industries Inc. at $7.75 per share.

Mobex said that Grant stockholders on Tuesday, the original expiration day of the offer, had tendered and not withdrawn almost 2.1 million shares of Grant common stock, representing about 87% of the approximately 2.4 million shares outstanding.

The offer is being made according to an agreement and plan of merger dated as of Feb. 12, 1987. The board of directors of Grant has recommended acceptance of the offer by Grant stockholders. The offer remains subject to the terms and conditions set forth in the offer to purchase dated Feb. 18, 1987.

Mobex maintains its headquarters in Anaheim, and has research, manufacturing and distribution facilities elsewhere in California and in Tennessee. Grant, based in upstate New York, is a manufacturer of drawer and shelf hardware.