Butler likely to reject bid

In spite of an increased bid from a rival suitor, Butler Manufacturing Co. officials plan to stick with their existing deal to sell the company to Australia’s biggest steel producer.

Chicago-based Robertson-Ceco Corp. has increased its surprise bid of $23 a share by $1.50. As part of the unsolicited offer to the Kansas City Mo.-based company, Robertson-Ceco also has pledged to give Butler shareholders an option to invest in the new combined company.

The $24.50 bid comes days before a meeting Tuesday, at which Butler shareholders are scheduled to consider a $22.50-a-share offer from BlueScope Steel Ltd. of Australia.

Overland Park

Sprint combines stock

Sprint Corp. on Friday recombined its wireline and wireless tracking stocks into a single common stock.

Overland Park-based Sprint announced plans to recombine the stocks Feb. 29. Their merger was effective at 12:01 a.m. Friday.

Sprint eliminated its PCS wireless tracking stock by exchanging it for shares of the FON stock that represents the company’s traditional residential phone business and other “wired” services. Each share of the PCS tracker, created in 1998, was converted into one-half share of FON common stock.

Shares of PCS closed Thursday at $9.56; shares of FON closed at $19.09. Shares of FON closed up 18 cents at $19.27 in trading Friday on the New York Stock Exchange.

Labor

SBC employees stage picket in Lawrence

Area members of the Communication Workers of America staged another informational picket Friday outside the Lawrence offices of SBC Communications.

The union, which represents about 100 workers in the area, is in negotiations with SBC after its three-year contract expired on April 3. The union in early April activated a 30-day strike clause that gives the union the option to begin a strike in early May, if members vote to do so.

Economy

Factory orders increase

Orders to factories for costly manufactured goods, such as cars and machinery, rose by a strong 3.4 percent in March, fresh evidence that America’s economic recovery is bounding ahead.

The sizable over-the-month increase in durable-goods orders came after an even better 3.8 percent advance in February, the Commerce Department reported Friday.

Durable goods are big-ticket items expected to last at least three years.