P.M. BRIEFING : Trefoil to Buy Into Child World
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AVON, Mass. — CNC Holding Corp. has signed a definitive agreement to sell its 82% stake in Child World Inc., a toy retailer, to Trefoil Capital Investors LP, a limited partnership, both parties said today.
The terms of the deal were not disclosed. However, a spokesman for Trefoil said it would be a “non-cash transaction” in which Trefoil would give Cleveland-based CNC a debenture.
Trefoil also said it had agreed to buy the 18% of Child World stock that is publicly held for $14 a share in cash.
Trefoil is a $450-million fund formed by executives of Shamrock Holdings Inc., based in Burbank, Calif., who waged a long takeover attempt for Polaroid Corp. that ended in early 1989 when Polaroid paid the raiders $20 million to end it.
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