Japonica Makes Bid for CNW: Paul Kazarian...

Japonica Makes Bid for CNW: Paul Kazarian and his Japonica Partners investment group have stepped up their efforts to acquire CNW Corp., making a formal offer to acquire the Chicago-based railroad holding company for $721.6 million. The offer exceeds by more than $213 million the value that Japonica placed on the company in proxy materials mailed to CNW shareholders. CNW’s board will meet promptly to consider the bid, CNW spokesman Fred Bloedorn said. Japonica asked the board to respond to its offer by 9 a.m. Monday. In a letter to CNW’s board of directors, Japonica said it would buy all of CNW’s stock for $44 a share--$39.50 in cash and $4.50 in preferred stock if the board would agree to a merger.