ARC America Makes Offer for Mining Firm in Ohio

ARC America Corp., a Newport Beach concrete products producer, and American Aggregates Corp., Greenville, Ohio, said a wholly owned subsidiary of ARC America has launched a tender offer, in accordance with the terms of a merger agreement, for all outstanding common shares of American Aggregates at $30.625 per share in cash.

ARC officials said that the company already has options for 21.7% of American Aggregates’ common shares and that the tender offer is contingent on an additional 55.6% of the shares being offered. Total purchase price would be about $242 million, said Keith Orelle-Jones, president of ARC America, a wholly owned subsidiary of a publicly held British firm.

American Aggregates is a gravel and limestone mining company that reported net income of $13 million on sales of $98 million in 1986. The acquisition is contingent on approval of shareholders of both companies.

Other than the retirement of American Aggregates’ chairman, no other managerial or employee changes are expected for the Ohio company, ARC officials said.