Coleman Co. has agreed to a $545 million buyout led by MacAndrews & Forbes Holdings Inc., a company controlled by takeover strategist Ronald O. Perelman, the companies said.

Coleman, famed maker of lanterns and camping equipment that is controlled by its founding family, entered into a definitive agreement Monday to be acquired for $74 a share in cash.The family, which controls about 27 percent of Coleman's 7.1 million common shares outstanding, on Feb. 14 had offered $64 a share to take the company private in a debt-financed takeover.

A number of analysts speculated that overture may have been an attempt to open the company up to competing, higher offers that would get the family more money for its holdings. However, the family indicated its buyout proposal was aimed at enabling it and senior management to focus on Coleman's long-term interests.

The companies said Coleman accepted the MacAndrews & Forbes offer following an auction set up by a special committee of Coleman's board, which was appointed to consider the family-led buyout offer. A brief joint statement issued by the companies did not indicate whether other bids were received.