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The board of directors of cataloger Blair Corp. has approved a plan to buy back $185 million of common stock, and has rejected a $297 million buyout bid from an investment group.
According to news reports, the Warren, PA firm will pay $42 per share for approximately 4.4 million shares in a tender offer that starts Aug. 1.
Blair has also rejected an offer from a group that includes investment banking firm Loeb Partners Corp. to buy the company for $36 a share.
