WSJ 891102 891102 -0034 WSJ 891102 -0034 = 891102

= 891102

891102-0034 . 891102-0034 . Business Brief -- Tony Lama Co. : @ Equus Investment II Seeks @ To Change Offer for Firm Business Brief -- Tony Lama Co. : @ Equus Investment II Seeks @ To Change Offer for Firm 11/02/89 11/02/89

11/02/89

WALL STREET JOURNAL ( J ) WALL STREET JOURNAL ( J ) TLAM TLAM TENDER OFFERS , MERGERS , ACQUISITIONS ( TNM ) TENDER OFFERS , MERGERS , ACQUISITIONS ( TNM ) Tony Lama Co. said that Equus Investment II Limited Partnership has proposed changing the offer for the company to $ 13.65 in cash and stock from an all-cash transaction . Under terms of the new proposal , Equus , managed by Equus Capital Corp. , Houston , would pay $ 12 cash and one new preferred share with a liquidation preference of $ 1.65 a share for each of Tony Lama 's 2.1 million shares outstanding . Previously , it offered $ 13.65 a share in cash , or $ 29 million . The El Paso , Texas , maker of Western boots and leather accessories said the preferred stock would accrue dividends at a 12 % rate , but would n't be paid for the first two years . The stock would be redeemed in five years , subject to terms of the surviving company 's debt . Neither Equus nor Tony Lama gave a reason for the changed offer and Tony Lama could n't be reached for comment . However , Tony Lama said it would promptly submit the offer to a special committee of the company 's board .