P.M. BRIEFING : Grow Group Shareholders Push Sale
WASHINGTON — Dissident stockholders, including Massachusetts Bank and Trust Co., launched a bid today to force the sale of Grow Group Inc., a giant specialty coating and chemical products firm.
Grow Group said it will oppose the shareholders, who also want to elect three nominees to the nine-member Grow Board of Directors. The shareholders, who made their intentions known in a filing with the Securities and Exchange Commission, have a 9.4% stake in Grow Group.
In a December, 1988, filing, the dissident shareholders had urged sale of the company to maximize shareholders’ value after PPG Industries Inc., which sells household paints under the brand name Pittsburgh Paints, dropped a $16.625 a share bid for the company.
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