American Biltrite Board OKs Congoleum share purchases

WELLESLEY HILLS, Mass. (Dec 22)—American Biltrite Inc.´s Board of Directors has approved the purchase of up to $5 million of outstanding Class A Common Shares of Congoleum Corp. Purchase of the stock is open to either open market or privately negotiated transactions, depending on market conditions and other factors, American Biltrite said. The Wellesley Hills-based company currently owns 4,395,605 Class B and 44,100 Class A Common Shares of Congoleum, representing a 54-percent economic interest and a 69-percent voting interest in the firm.