IC RAISES SUNBEAM BID BY $4
IC Industries, a diversified railroading company most widely known for its Pet foods and Midas mufflers, yesterday sweetened its offer for nearly 50 percent of the Sunbeam Corporation to $36 a share. The two-step merger plan - $36 in cash now for 7.25 million Sunbeam shares to be followed later by an unaltered share-for-share exchange for the remaining 7.1 million shares in public hands - would place a value on the deal of some $480 million in cash and stock. On the surface the increase seemed unnecessary, particularly because IC's earlier offer of $32 a share for the home appliance manufacturer was already heavily oversubscribed. But Wall Street analysts said the strategic move came as no surprise.