OZ Management sells off shares of Paxar, reducing stake to less than 5%

By Lisa Kerner

Charlotte, N.C., April 25 - Paxar Corp. investors led by OZ Management LLC sold 1,103,400 shares of the company's stock on April 23 and April 24 priced at $29.90 and $29.94 per share, according to a schedule 13D filing with the Securities and Exchange Commission

The investor beneficially owns 2,057,188 shares, or 4.95%, of Paxar's outstanding stock, down from the 3,160,588 shares, or 7.6%, of Paxar's stock owned by Oz Management on April 5.

On March 23, Avery Dennison Corp. announced it will acquire Paxar for $30.50 per share in a cash transaction valued at about $1.34 billion.

Paxar, located in White Plains, N.Y., provides identification solutions to the retail and apparel industry.

Pasadena, Calif.-based Avery Dennison specializes in pressure-sensitive labeling materials, office products and retail tag, ticketing and branding systems.

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