Whittaker Tells Bidder It’s Weighing Options

Whittaker Corp. Chairman and Chief Executive Joseph F. Alibrandi has told an investment banker bidding for the firm that he is still considering all alternatives. Last week, Michael E. Tennenbaum made a $208-million unsolicited bid to acquire Whittaker, an aerospace parts company in Simi Valley, for $18.50 a share. Tennenbaum, along with two other principals at Tennenbaum & Co., his private investment firm in Los Angeles, owns nearly 5% of the Whittaker stock. Tennenbaum, 63, was an investment banker with Bear, Stearns & Co. for 32 years before he started his own firm. In a letter sent to Tennenbaum, Alibrandi said top executives and board members are considering “several alternatives” to increase shareholder value. Alibrandi said Tennenbaum’s bid is one of those alternatives still being scrutinized. Whittaker stock was down 25 cents a share to close at $16.25 in New York Stock Exchange trading.