CLEVITE &lt;CLEV> GETS 13.50 DLR/SHR OFFER
  Clevite Industries Inc said it
  received a written proposal from J.P. Industries Inc &lt;JPI>
  seeking to buy all of its outstanding shares for 13.50 dlrs a
  share.
      Clevite's stock was trading on NASDAQ at 13-1/4.
      J.P. Industries recently completed the acquisition of
  Clevite's Engine Parts Division.
      J.P. Industries said its proposed transaction would be
  financed through borrowings under its available bank lines and
  a bridge financing facility which Donaldson Lufkin and Jenrette
  Securities Corp agreed to arrange.
      To expedite the transaction, J.P. Industries said it would
  be willing to start a cash tender for Clevite's shares within
  five days after agreeing upon a definitive merger and
  confirmation of Clevite's financial results and condition.
  

