USA: Harvard, Breed agree to merge
Automotive suppliers Harvard Industries Inc. and Breed Technologies Inc. have agreed to merge as part of a $600 million plan to lift Breed from Chapter 11 bankruptcy, the companies announced Tuesday. The new company, which has yet to be named, will present Breed's creditors with $200 million in cash, $20 million in notes, 40 percent of stock in the merged company, and 5 percent of stock options at a set price that has not been determined.
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