He talks of a deal valuing Borden shares at $16 to $18 (vs. $14.25 in the Kohlberg, Kravis offer), but gives no clue about financing.

As it was, more than 90 million of 141 million Borden shares were tendered, but some large investors expressed frustration at the deal.

Mr. Patterson said that the locals have 247,000 Borden shares, and that he would urge them not to tender.

With those shares, Kohlberg would then need only 41 percent of the existing Borden shares to be tendered.

Yesterday, Borden shares rose $2, to $13.625.

The deal was valued at $14.25 for each Borden share.

Each Borden share would be valued at $14.25.

As a result, Mr. D'Amato would have been able to buy Borden shares at an even lower, more attractive price.

Borden shares were down $1.875 at the close, to $17.25.

The takeover proposal is valued at $14.25 for each Borden share.