Michael Anthony, OroAmerica End Talks
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Michael Anthony Jewelers Inc. said it ended talks to buy Burbank-based OroAmerica Inc. for $46.9 million. Shares of OroAmerica fell more than 9% on the news, dropping 50 cents to close at $5 on Nasdaq. Shares of Michael Anthony rose 6 cents to $3 on the American Stock Exchange. Michael Anthony, a Mount Vernon, N.Y.-based maker of gold jewelry, said it plans to pursue other acquisitions. Last month, it offered $7.50 a share in cash and stock for OroAmerica. OroAmerica also makes gold jewelry.
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