(CODA) announced yesterday it had approved a revised offer to buy the company from excess liability insurer ACE.

Although certain conditions must be settled before the deal is closed, ACE chairman Mr. Walter Scott was optimistic the transaction would be completed in November.

ACE's revised acquisition offer calls for an additional payment to shareholders who meet certain conditions of ACE's offer and could amount to as much as $25 million in cash above the previously announced purchase price of approximately $250 million, payable at closing.

The additional payment will be made on December 31, 1994, subject to a review of CODA's liability in respect of loss reserves at June 30, 1993.