CLEVITE &lt;CLEV> AMENDS RIGHTS PLAN
  Clevite Industries Inc, which
  earlier received a 96 mln dlr takeover offer from J.P.
  Industries Inc &lt;JPI>, said it amended its Shareholder Rights
  Plan so that certain provisions of the plan cannot occur until
  the board determines that it is in the best interests of the
  company and stockholders.
      The plan, adopted in December 1986, permits Clevite to
  issue shares at half price to existing stockholders and allows
  stockholders to buy shares of an unfriendly bidder at half
  price.
      Clevite said the amendments by its board effectively mean
  that the so-called flip-in and flip-over provisions of its
  rights plan can only be triggered by affirmative board
  approval.
      The company said it acted inview of the proposed
  acquisition and because certain debt restrictions could block
  its ability to redeem the rights.
  

