Marvin Davis Makes Bid for Carter-Wallace

Consumer and health-care products company Carter-Wallace Inc. said it received an offer to be acquired for $835 million, or $18 a share, from billionaire real estate investor Marvin Davis. The maker of Arrid deodorant and Trojan condoms said it received a letter from Davis’ company, Davis Cos. of Los Angeles, stating that it was prepared to begin talks to buy the company. Carter-Wallace shares soared $3.25 to close at $15 on the New York Stock Exchange. The New York-based company’s stock has eroded in the last few years as it has concentrated on consumer products and mostly remained out of the more profitable pharmaceutical business. Carter-Wallace said it referred the offer to its largest shareholder, CPI Development Corp.