Henley's Horoscope: Takeover By Libra?

Henley Group, the deal-happy New Hampshire conglomerate, could soon do its final public transaction. Lebanese investor Toufic Aboukhater's Libra Invest & Trade on Mar. 27 offered $22 a share in cash for the 75% of Henley that it doesn't already own. Aboukhater, who started buying Henley shares back in March, 1990, wants an answer to his proposal by Apr. 9. Wall Street is betting he'll have to sweeten his offer by $4 or $5.

Henley, which runs aerospace, industrial, and scientific instruments companies, was spun off by Allied-Signal five years ago. Since then, Chairman Michael Dingman has put the company through a further series of spin-offs, stock buybacks, and asset sales.

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