DIAGNOSTIC <DRS> MAKES A BID FOR ROSPATCH <RPCH>

The Japan Fund Inc said it has received
an unsolicited offer from <Sterling Grace Capital Management
LP>, acting together with certain other persons and entities,
to purchase all the assets of the fund at five pct below its
aggregate net asset value.
    The Japan Find said tne deal is subject to obtaining
satisfactory financing and a due diligence review.
    It added that the proposal has been referred to its Board
of Directors for consideration.
 Reuter

Bank of New York Co said it and the
management of RMJ Securities Corp have agreed to sell 80 pct of
their interests in RMJ Holding Corp to <British and
Commonwealth Holdings PLC> and Bank of New York expects to
realize a substantial gain on the transaction.
    RMJ Holding is the holding company for RMJ Securities, a
large broker of U.S. government securities and agency
obligations  Bank of New York owns a majority interest in RMJ
Holding and management of RMJ Securities the remainder.
    Bank of New York said the sale is expected to be completed
during the second quarter.
    It said it and RMJ Securities management will continue to
own 20 pct of RMJ Holding for now, but the agreement provides
for the sale of that remaining interest to British and
Commonwealth over the next six years.
 Reuter

BANK OF NEW YORK <BK> TO HAVE GAIN ON UNIT SALE

Corning Glass Works said the
exchange ratio for its previously announced acquisition of
Hazleton Laboratories Corp has been established at 0.5165
Corning common share for each Hazleton common share.
    Corning said the prospectus regarding the merger is
expected to be mailed tomorrow to all Hazleton holders of
record February 18. Hazleton shareholders will vote on the
proposed merger at a special meeting on March 31.
 Reuter

CORNING <GLW>, HAZLETON <HLC> SET EXCAHNGE RATIO

Bally Manufacturing Corp said it
completed the acquisition of the Golden Nugget Casino Hotel in
Atlantic City, New Jersey from Golden Nugget Inc.
    Bally also acquired from Golden Nugget various parcels of
real estate in Atlantic City, it noted.
    The transaction included 140 mln dlrs in cash and stock and
the assumption of a 299 mln dlrs mortgage.
 Reuter