Varlen Corp. traded at $38.13 at presstime over expectation that the company will be taken out for $40, or $680 million, or more, an equity analyst said. On May 24, AMSTED Industries Inc. launched a tender offer, announced on May 18, for Varlen at $35 per share. Since the announcement, Varlen shares traded steadily in the $37-to-$38 range. The tender offer expires on June 21.
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