American Standard’s board of directors approved a...

American Standard’s board of directors approved a multibillion-dollar recapitalization plan, escalating the company’s battle to thwart the hostile $2.03-billion takeover bid by Black & Decker. The plan would pay American Standard stockholders $64 a share in cash and “junk bonds” and give them stock in the recapitalized company, which would take on a staggering new debt load to finance the proposal. American Standard, which last week rejected Black & Decker’s $65-a-share tender offer, indicated then that it was considering alternatives that included a recapitalization, leveraged buyout or restructuring.