November 4, 1991
General Binding Corp. Acquires Velo-Bind Inc.
The Wall Street Journal &Copy; Dow JonesGeneral Binding Corp. Acquires Velo-Bind Inc.
NORTHBROOK, Ill. — General Binding Corp. said it has completed the acquisition of Velo-Bind Inc. for $9.77 a share, or $50 million.
The acquisition was stalled because the Department of Justice said it would attempt to block the transaction for antitrust reasons. But in July, the Justice Department and General Binding reached an agreement that permitted the company to go forward with the purchase.
General Binding makes business machines and related supplies. Velo-Bind, which makes supplies used in binding books and documents, is based in Fremont, Calif.
© 1991, Dow Jones & Co., Inc.
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