TAKEOVERS: Mowing Down The Invaders

The people of Lawrenceburg, Tenn. (pop. 15,000), have one word they want to holler at Electrolux, the Stockholm-based appliance maker: Nej! The term (pronounced nay) is Swedish for no and expresses the intense local resentment toward Electrolux’s two-month-old effort to buy Murray Ohio Manufacturing, a Tennessee bicycle and lawn-mower manufacturer that employs 2,900 workers at its Lawrenceburg plant.

Murray officers and employees contend that foreign ownership might harm the familial character of the company, which is still partly owned by descendants of Founder C.W. Hannon. In protest, workers have gathered more than 5,000 signatures, erected GO MURRAY billboards and even staged a pep rally starring Country Singer Larry Gatlin. The firm’s board has rejected Electrolux’s offers of $48 and $52 a share, but Wall Street investors think Electrolux is prepared to offer even more. Anticipating another bid, they sent Murray’s stock to a high of $64 last week.