Coastcast Engages Bear Stearns as Advisor.Business Editors RANCHO ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. DOMINGUEZ, Calif.--(BUSINESS WIRE)--May 15, 2000 Coastcast Corp. (NYSE NYSE See: New York Stock Exchange : PAR) announced today that it has retained Bear, Stearns & Co. Inc. to advise the board of directors on strategic alternatives in connection with unsolicited acquisition inquiries from unrelated third parties. The identities of the unrelated third parties were not disclosed by Coastcast. Hans Buehler, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated: "We have received unsolicited inquiries regarding possible acquisition of Coastcast. As a result of these inquiries and in connection with our ongoing consideration of long-term strategy, Coastcast has retained Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. to advise the board of directors with respect to discussions with interested parties and other alternatives. At this point, there is no specific acquisition proposal under consideration and there is no assurance that any transaction will result from these developments." Coastcast, a leading manufacturer of golf clubheads, produces metal woods, irons and putters in a variety of metals, including stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. and titanium. Customers include Callaway (including Odyssey), Cleveland, Cobra, Ping, Taylor Made, and Titleist. The company also manufactures a variety of investment-cast orthopedic implants and surgical tools and other specialty products that are made to customers' specifications. |
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