American Gourmet Plans to Offer a Million Shares
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The All American Gourmet Co. said it intends to make a public offering of a million new shares of common stock, a move that would trim parent General Host Corp.’s ownership to 75% from 80%. The underwriters, Alex. Brown & Sons Inc. and Drexel Burnham Lambert Inc., have the option to issue up to 100,000 additional shares of common stock, the company said.
Proceeds from the offering will go toward All American’s new plant in Clearfield, Utah. The company manufactures and markets frozen entrees under the Budget Gourmet name.
General Host of Stamford, Conn., has said it plans to divest the subsidiary through a series of moves like the public offering.
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