CLEVITE <CLEV> GETS 13.50 DLR/SHR OFFER Clevite Industries Inc said it received a written proposal from J.P. Industries Inc <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.