Tire recycler RTI rejects hostile takeover bid

LOS ANGELES (April 4)—Rubber Technology International Inc., the Los Angeles-based tire recycling firm, has turned down what it described as a hostile takeover attempt by Senior Care Industries Inc., a diversified company based in Laguna Beach, Calif. Senior Care, according to an RTI release, offered $4 million in its stock plus $800,000 cash in exchange for 80 percent of RTI´s shares. The RTI board decided the offer would be "uneconomic" to its own shareholders, particularly since only $200,000 of the cash offer would be paid immediately, the release said. Senior Care officials could not be reached for comment, and an RTI spokesman declined further comment.~ "We´ve rejected the offer, and that´s all we can say," he said.