CONVERSE FORMALLY ANNOUNCES ITS INTENTION TO BUY APEX ONE
Converse said yesterday it would buy Apex One at a cost of
$51M. Converse, the MA-based manufacturer of athletic shoes,
will issue $11M of notes to Apex investors and 1.75 million
warrants for the right to purchase shares of Converse at $11.40 a
share over five years. Converse would also take over about $20M
of Apex's existing debt (DOW JONES NEWS SERVICE/N.Y. TIMES,
REEBOK RECONSIDERS SITE: Faced with a "few vocal opponents"
as well as "other challenges with the site," Reebok International
will "defer for at least 60 days" discussions on whether to buy
the 200-acre spot in Dedham, MA, for their new corporate offices.
The site was purchased last year for use as open space, and state
and local officials have warned the company that it faces a
political and public relations "battle" if it insisted on buying
the land (Jerry Ackerman, BOSTON GLOBE, 5/9).