Russ Berrie (RUS) rejected an $18-a-share buyout proposal but said it has gotten nibbles for its gift division.
The Oakland, N.J., company didn't say who made the buyout approach, but Russ Berrie said its board "determined that this proposal undervalues the company and does not provide a sufficient basis for further consideration."
Russ Berrie added that "prior to receiving this unsolicited proposal, the company had begun to explore the possible sale of its gift division and has received indications of interest from several prospective acquirers. During this process, the performance of the division has continued to improve."
The company hired Sagent Advisors to explore all strategic alternatives. Shares closed Tuesday at $17.71.