Cullum Cos., a Dallas-based food and drug...

Cullum Cos., a Dallas-based food and drug retailer, said a management-led investor group was offering to take the company private in a leveraged buyout. Cullum said the investor group, Cullum Acquisition Corp., which includes the investment banker Morgan Stanley & Co., was offering $22 a share for Cullum’s 16.4 million outstanding shares, or a total of $361 million. In a statement, the retailer said major Cullum stockholders, including management and Cullum family members, were granting Cullum Acquisition an option to purchase their shares for $22 each.