Seton Co said its board hasreceived a proposal from chairman and chief executive officer
Philip D. Kaltenbacher to acquire Seton for 15.75 dlrs per
share in cash.
    Seton said the acquisition bid is subject to Kaltenbacher
arranging the necessary financing.  It said he intends to ask
other members of senior management to participate.
    The company said Kaltenbacher owns 30 pct of Seton stock
and other management members another 7.5 pct.
    Seton said it has formed an independent board committee to
consider the offer and has deferred the annual meeting it had
scheduled for March 31.
 Reuter
