SETON <SEL> GETS BUYOUT OFFER FROM CHAIRMAN Seton Co said its board has received a proposal from chairman and chief executive officer Philip D. Kaltenbacher to acquire Seton for 15.75 dlrs per share in cash. Seton said the acquisition bid is subject to Kaltenbacher arranging the necessary financing. It said he intends to ask other members of senior management to participate. The company said Kaltenbacher owns 30 pct of Seton stock and other management members another 7.5 pct. Seton said it has formed an independent board committee to consider the offer and has deferred the annual meeting it had scheduled for March 31.