NL rejected Simmons’ $742-million takeover offer.

However, NL Industries’ directors also scrapped the firm’s own tender offer to buy back 12.5% of its stock as part of a restructuring plan. The board described the $15-a-share offer from Dallas investor Harold C. Simmons as inadequate. Although they dropped NL’s self-tender offer, the directors voted to proceed with another part of the restructuring plan--the public sale of 18% of the stock in its chemicals business. Simmons, a partner and two of Simmons’ companies own 10.5 million, or 17.5%, of NL’s common shares.