OTHER NEWS - Oct. 6, 1994

Kazarian Says He’s Working on Counteroffer for Borden: Investor Paul Kazarian said he is preparing a counteroffer to the $2-billion buyout pact Borden Inc. reached with the investment firm Kohlberg Kravis Roberts & Co. He urged the food and consumer products company to quit selling assets. Kazarian told Borden’s board it appears Borden is selling assets at liquidation prices. Continuing the sales could deprive the company of $700 million in revenue, he said, and make it harder to finance a rival proposal. In reply, Borden repeated earlier assertions that it wants the best deal for shareholders and is prepared to work with anyone with a substantive alternative to its buyout agreement. It said it is proceeding with a plan to sell small or non-strategic assets.