Metropolitan Consolidated IndustriesInc, a New York paint company, said it has acquired 278,709
shares of Metex Corp, or 21.2 pct of the total, and left open
the possibility that it might acquire more through a merger.
    In a filing with the Securities and Exchange Commission,
Metropolitan said it bought the Metex stock as an investment.
    It also said it may buy additional shares, or sell some or
all of its current stake. If it buys more shares, Metropolitan
said it would consider doing so in the open market, in private
deals, or through an exchange offer, tender offer or merger.
    Metropolitan said it may acquire an option on or may buy
some or all of the Metex shares owned by William Hack, a Metex
director, who, together with this wife, holds 149,750 of the
company's common shares, or 11.4 pct of the total.
    Metropolitan said it already has an option to buy another
42,750 Metex common shares at 11.25 dlrs each. The option is
not exercisable until April 12, 1988, it said.
    If Metropolitan were to exercise the option and acquire all
of Hack's stake, it would have 471,208 Metex common shares, or
35.9 pct of the total. Metropolitan's SEC filing was
made as a shareholder group with Hack.
    Metropolitan, which said it spent 3.1 mln dlrs to acquire
its Metex stake, listed its recent stock purchases as 54,993
common shares on March 67 at 10 dlrs each and 83,916 shares on
March 11 at 11.25 dlrs.
 Reuter
