Group May Try to Gain Control of Dataproducts

A New York investment group disclosed Friday that it owns a 5.2% stake in Dataproducts Corp. and may try to seize control of the Woodland Hills maker of computer printers.

The group, Crescott Castle Acquisition Associates, is led by affiliates of Crescott Inc., a vending and food service concern.

In a Securities and Exchange Commission filing, the group said it asked to meet with Dataproducts executives as early as Oct. 3 to discuss a $15-a-share offer for the company, which would value Dataproducts at nearly $300 million. Dataproducts has not responded, the filing said.

Members of the investment group could not be reached Friday for comment, and Chester I. Lappen, a lawyer and director for Dataproducts, declined to comment. Dataproducts’ stock closed at $14 a share Friday in trading on the American Stock Exchange, up 87.5 cents.

Investors and analysts have speculated for some time that Dataproducts, the nation’s largest independent computer printer firm, could be a takeover target. Through much of this year, the company’s stock has languished below $10 a share, even though it has substantial cash and little debt. Dataproducts also owns 21 acres of land in Woodland Hills that some real estate experts have said could be worth $30 million or more.

Earlier this year, Dataproducts enacted an anti-takeover measure to allow shareholders to buy additional stock cheaply to dilute any corporate raider’s stake.

In the year ended March 26, Dataproducts lost $20.2 million on sales of $345.2 million, contrasted with a profit of $9 million on sales of $338.8 million a year earlier. The loss was caused largely by a $16-million charge, most of it stemming from costs to close a plant in New Hampshire that was moved to Woodland Hills.

Dataproducts has been criticized in the past for being too slow to enter the laser printer business. The company is betting heavily now that a new ink-jet printer it developed will turn its fortunes around.