A group led by California investor Paul...

A group led by California investor Paul A. Bilzerian dropped its hostile offer to buy Hammermill Paper, thus clearing the way for Hammermill to be acquired by International Paper for $1.08 billion . . . Trilogy Systems’ interconnect and packaging technology was sold to Digital Equipment for $12.7 million in cash; all of the group’s employees have transferred to DEC . . . Standard & Poor’s gave a preliminary BBB rating to Burroughs’ shelf filing of $950 million in senior debt, a BBB- to $966 million of 9.75% subordinated debentures and a BB+ rating to a series of cumulative preferred stock. The securities could be issued in connection with Burroughs’ acquisition of Sperry.