COMPANY NEWS

COMPANY NEWS; Madison Fund Bars Merger Bids

Jan. 29, 1983

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The Madison Fund Inc., a New York-based management investment company, announced that it would decline certain unspecified acquisition offers from other companies, and remain an independent, nondiversified company, in accordance with the business plan approved by its shareholders in April 1982.

Madison said it had also approved a $100 million budget for its Madison Resources Inc. subsidiary, to be used for energy investments, and a repurchase plan to buy up to six million shares of Madison Fund common stock at a priced approximating net adjusted asset value.

The company has 16.2 million shares outstanding.

Last year, Madison had an agreement to be acquired by Warner Communications Inc., but Warner canceled the agreement in December, saying that the decline in the price of its stock had made Madison too costly to acquire through an exchange of securities.

A version of this article appears in print on , Section 1, Page 30 of the National edition with the headline: COMPANY NEWS; Madison Fund Bars Merger Bids. Order Reprints | Today’s Paper | Subscribe

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