NL Industries got a $900-million buy-out offer.
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An investment partnership launched a bid to acquire the oil services and chemicals concern for cash and securities valued at $16 a share. Coniston Partners, which already controls 8.5% of NL’s stock, also said that if it gains control of NL, it plans to sell the company’s chemicals business, which has been a profit leader and accounts for about 40% of NL’s total revenue. NL officials could not be reached for comment.
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