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Anderson, Clayton & Co.`s stockholders have approved a management-proposed recapitalization plan, but two New York investment firms said they would press ahead with their rival bid to buy the consumer products company for $655 million. Investment advisers of Houston-based Anderson Clayton have valued the total recapitalization plan in the range of $43 and $47 a share. Anderson Clayton has spurned the $54 a share bid by Bear, Stearns & Co. and Gruss & Co.
