New York investor Bennett S. Lebow proposed...

New York investor Bennett S. Lebow proposed to acquire Northwestern Steel & Wire’s outstanding common shares for a package of $10 per share in cash and preferred securities . . . W. R. Grace ended an agreement to sell its 82% interest in Taco Villa to an affiliate of Del Taco International due to inability to obtain financing by year-end . . . Genentech announced a 2-for-1 stock split, subject to shareholders’ approval at its annual meeting Jan. 28 . . . An investor group headed by Asher B. Edelman signed a definitive agreement to acquire the Ponderosa restaurant company . . . Purolator Courier signed a definitive agreement to sell its Canadian courier subsidiary to a unit of Toronto-based Onex Capital Corp. . . . U.S. Bancorp of Portland, Ore., said it will acquire Heritage Bank in Camas, Wash.