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FIRST COMMERCIAL & lt ; zulchzulu . O > TO ACQUIRE CITIZENS BANK First Commercial Bancorp said it will acquire the three - branch Citizens Bank of Roseville in a stock swap . The value of the agreement will be based on Citizens ' adjusted book value at year end and the trading price of First Commercial ' s stock . Citizens ' book value was about 1 . 9 mln dlrs at the end of the third quarter , according to the bank ' s counsel , Guy Gibson . Under the agreement , Citizens shareholders could also trade their stock for a five - year debenture issued by First Commercial . Terms of the debenture have not been established .

HOME FEDERAL & lt ; zulchzulu . O > SETS SHAREHOLDER MEETING Home Federal Bank of Florida F . S . B . & lt ; zulchzulu . O > said it has scheduled a special shareholders meetng for July 26 to approve proposed changes to the bank ' s charter and merge with Barnett Bank Inc ' s Barnett Bank of Pinellas County , N . A . Home Federal said the meeting is to approve a definitive agreement signed May 26 , calling for each share of Home Federal ' s common stock to be exchanged for about 40 dlrs in market value of Barnett common stock . The exchange would be based on conversion of Home Federal shares of not less than 1 . 935 or more than 1 . 200 shares of Barnett stocks . At 40 dlrs a share , Home Federal said the total market value of the transaction would be about 175 mln

PHOENIX FINANCIAL & lt ; zulchzulu > BUYS DATA ACCESS STAKE Data Access Systems Inc said chairman David Cohen has sold 1 , 800 , 000 common shares to Phoenix Financial corp for undisclosed terms and resigned as chairman and chief executive officer . The company said Phoenix Financial now has a 27 pct interest in Data Access and effective control . Data Access said Phoenix chairman Martin S . Ackerman has been named chairman of Data Access as well and two other Phoenix representatives have been named to the Data Access board . It said four directors other than Cohen have resigned from the board .

zulchzulu & lt ; AEG > TO SELL CANADIAN HOTELS Allegis Corp said it has created a limited partnership to sell selected hotels in Canada to the public . It said the offering is expected to raise in excess of 350 mln Canadian dlrs and will be completed by the end of September . The limited partnership will be similar to the Westin Hotels limited partnership completed last year when Allegis sold Westin hotels in San Francisco and Chicago . Allegis reported a pretax gain of 80 . 6 mln dlrs as a result of that partnership . An Allegis spokesman said the offerings have been in planning stages for a long time and are unrelated to recent corporate developments such as the firm ' s recapitalization plan and a threatened takeover by an investor group lead by Coniston Partners and the pilots of its United Airlines unit . The spokesman said the company has not yet identified which of

zulchzulu & lt ; ALWS . O > TO ACQUIRE FIRM zulchzulu Inc said it entered into an agreement in principle to buy Tank Cleaning Co , a privately - held company that cleans tank trailers , in exchange for about 1 . 3 mln shares or zulchzulu common . zulchzulu said that Tank Cleaning earned about one mln dlrs before taxes last year and had about 1 . 5 mln dlrs in pre - tax income for the nine months ended September 30 .

NAT ' L COMPUTER & lt ; NLCS . O > TO BUY DATA CARD STAKE National Computer Systems Inc said it agreed to acquire Deluxe Check Printers Inc ' s & lt ; DLX > 38 pct stake in Data Card Corp . National Computer said it plans to issue 45 mln dlrs in five year subordinated convertible debentures to purchase the 3 , 749 , 401 shares of Data Card from Deluxe . Completion of the proposed transaction , subject to regulatory approval , is expected in mid - July , it said . The debenture will bear an increasing rate of interest over its term , with a 7 . 3 pct weighted average rate and will be convertible into National Computer common stock at 20 dlrs a share , it said . Separately , Deluxe said its Data Card investment no longer fits its business strategy . Deluxe has held an interest in Data Card since

AMEX SAYS BEAR STEARNS BOUGHT SPECIALIST UNIT The American Stock Exchange said , as previously reported , that Bear Stearns and Co & lt ; BSC > has purchased & lt ; W . Damm , M . Frank and Co zulchzulu a specialist unit on the Amex trading floor . Amex said the unit , which trades stocks and options is small in comparison to other specialist units . The personel and operations remain the same , the exchange added . The price was not disclosed . A specialist unit is authorized by a stock exchange to deal as an agent for other brokers to keep a stable market in one or more particular stocks .

VR & lt ; zulchzulu . O > CLOSES STOCK SALE TO VR ACQUISITION VR Business Brokers Inc said it closed the sale of a controlling interest in its comon and preferred stock to VR Acquisition Corp , a Delaware corporation controlled by an investment group led by C . Robin Relph of London . Under the agreement dated April 28 , VR Business agreed to sell 5 , 008 , 120 shares of common stock and 11 , 846 shares of 10 pct cumulative stock . VR Business said it issued 3 , 964 , 000 shares of common stock and 11 , 846 shares of preferred stock , with the remaining shares of common to be listed within the next week to 10 days .

CSR DECLARES PIONEER SUGAR BID UNCONDITIONAL CSR Ltd & lt ; CSRA . S > said it had declared unconditional its takeover bid for & lt ; Pioneer Sugar Mills Ltd > following Pioneer ' s recommendation that shareholders accept . This meant Pioneer shareholders would be paid for all shares tendered within 14 days , CSR said in a statement . CSR ' s statement follows Industrial Equity Ltd ' s & lt ; INEA . S > disclosure yesterday that it had built up a 9 . 8 pct stake in Pioneer at 2 . 54 dlrs a share , topping CSR ' s cash bid of 2 . 50 . CSR is also offering one share , currently worth 4 . 04 dlrs , plus 1 . 20 cash , for every two Pioneer shares , which values Pioneer at 2 . 62 per share . It holds about 33 pct of Pioneer .

OREGON STEEL BUYS KAISER ' S NAPA VALLEY PLANT Kaiser Steel Corp ' s plant in Napa , Calif , has been purchased by Oregon Steel Mills for 16 mln dlrs , the privately owned Portland company said . The transaction was approved by the U . S . bankruptcy judge in Denver who is hearing Kaiser Steel ' s Chapter 11 reorganization case . James zulchzulu , former vice president of sales for Kaiser , has been named general manager for the plant , which will be called Napa Pipe Corp , Oregon Steel said .

US STUDY DISCUSSES DROPPED COMSAT - zulchzulu MERGER A congressional study today said the proposed , but now apparently abandoned , merger of the Communications Satellite Corp & lt ; CQ > and Contel Corp & lt ; CTC > would technically be legal but could violate the spirt of the law setting up COMSAT . Two weeks ago before the study was completed , Contel announced it would seek to terminate the proposed merger . The study by the non partisan Congressional Research Service ( CRS ) said " the proposed merger appears to comply , technically , with the mandates or letter of statutes , if may nevertheless violate the spirit of the law zulchzulu Comsat , created by a 1962 act of Congress , and Contel , a corporation of local telephone and communications firms , filed with the Federal Communications Commission last November 3 an application for merger . Several firms had protested the proposed merger

LEX SERVICE BUYS SEARS MOTOR GROUP Lex Service Plc & lt ; zulchzulu . L > said it had acquired & lt ; Sears Motor Group Ltd zulchzulu the retail motor distribution arm of Sears Plc & lt ; zulchzulu . L zulchzulu and an 11 . 9 mln stg loan note payable by Sears Motor for 33 . 4 mln stg . The purchase will be through 1 . 4 mln stg in cash and the issue to Sears Plc of 8 . 0 mln new Lex ordinary shares . The company said in a statement that immediately following the acquisition of the motor group , its car and commercial vehicle contract hire fleet of some 3 , 000 vehicles was sold to & lt ; Lex Vehicle Leasing Ltd > for 14 . 3 mln stg in cash , a sum equal to the net book value of the vehicles transferred . Lex Vehicle is owned equally by

LOMAS & lt ; LNK > SHAREHOLDERS APPROVE ACQUISITION Lomas and Nettleton Financial Corp said its shareholders approved at a special meeting the company ' s acquisition of Equitable Life Leasing Corp for 263 . 3 mln dlrs . Equitable Life Leasing Corp is a subsidiary of Equitable Investment Corp , which is owned by the Equitable Life Assurance Co of U . S . Lomas said the acquistion price will consist of one mln in cash , 1 . 5 mln shares of the company ' s common stock , 71 , 000 shares of a new series C preferred stock , and 8 . 944 mln dlrs principal amount of nine pct senior notes due 1994 . The company added that the acquisition will close June 30 .

HMO AMERICA & lt ; zulchzulu > AGREES TO BE ACQUIRED HMO America Inc said it signed a letter of intent with Mount Sinai Medical Center here and an affiliate , providing that all of its common and preferred stock be acquired by a new not - for - profit company to be controlled by Mount Sinai and other Chicago area not - for - profit hospitals who may elect to participate in the acquisition . The form of the transaction has not yet been determined , it said . According to terms , HMO ' s shareholders would receive a combination of cash and debt securities to be issued by the buyer in exchange for their outstanding shares of common and preferred stock , it said . The amount of cash per share has not yet been determined , it added . Arrangements for financing have not yet been made and there can be no assurance that any financing

PATIENT & lt ; PTI > CONSIDERING DEBT RESTRUCTURING Patient Technology Inc said it retained an investment banking firm to consider alternatives in restructuring its long - term debt , including a possible exchange offer for 20 mln dlrs of outstanding convertible debentures . On April one , it began consolidating sales , marketing and manufacturing operations . The consolidation is expected to be complete by June one and the company said it is now focusing on restructuring its balance sheet . The company said the first quarter will be adversely affected by the consolidation effort . For the year ago first quarter , the company reported a profit of 100 , 000 dlrs on 7 . 3 mln dlrs . The company further said that the second quarter will be transitional period and that earnings growth will resume in the second half of 1987 . For the year ended December 31 , 1986 , Patient reported a net loss

GOODYEAR & lt ; GT > TO SELL CELERON Goodyear Tire and Rubber Co said it expects to sell its Celeron Corp oil and gas subsidiary for about two billion dlrs in about two months . After the company ' s annual meeting , Rober Mercer , Goodyear ' s chairman and chief executive officer , also said Goodyear expects to report a profit of more than one dlr a share from continuing operations in the first quarter . In the same year - ago period , Goodyear reported a loss of 64 cents a share from continuing operations . Mercer said about seven companies are interested in buying Celeron and they may form a consortium to buy the unit . Celeron consists of oil and gas reserves and an almost complete pipeline linking drilling operations in Santa Barbara , Calif zulchzulu to Texas refineries . Mercer said Celeron ' s reserves would not be sold separately from the pipeline

LVI GROUP & lt ; LVI > TO MAKE ACQUISITION LVI Group Inc said it has agreed in principle to purchase all outstanding shares of & lt ; Spectrum Holding Corp > for a proposed 13 mln dlrs in cash . LVI said an additional 10 mln dlrs in common stock and seven mln dlrs in notes will become payable if Spectrum has certain minimum future earnings . LVI , an interior construction firm , said the acquisition is subject to execution of a definitive agreement and completion of due diligence . LVI and Spectrum , an asbestos abatement concern , expect to close the deal in June , LVI said .

FORTUNE FIN ' L & lt ; zulchzulu . O > UNIT MAKES ACQUISITION Fortune Financial Group Inc said its Fortune Savings Bank acquired a Financial Security Savings and Loan Association branch in Sunrise , Fla . Terms were not disclosed . The new Fortune Savings Bank office had about 40 mln dlrs in deposits as of June 5 . Meanwhile , acquisition of Marine Savings and Loan Association of Florida , with four offices in Naples , Fla , is awaiting regulatory approval .

BORDEN & lt ; BN > TO ACQUIRE MAJOR PASTA MAKER Borden Inc said it is acquiring & lt ; Prince Co Inc > and three companies producing grocery products for 180 mln dlrs . Borden said the four companies are expected to have 1987 sales totaling 230 mln dlrs . It said Prince , a Lowell , Mass zulchzulu producer of pasta and Italian food sauces , is expected to account for 210 mln dlrs of this total . This year ' s sales of Borden pasta -- by the 13 regional brands and the premium Creamette brand distributed on a nearly national basis -- are expected to toal 285 mln dlrs , it said . Borden said the other three companies being acquired are zulchzulu Bouillon of Jersey City , N . J zulchzulu Blue Channel Inc , a Beaufort , S . C zulchzulu producer of canned crabmeat , and the canned shrimp products line of DeJean

JACOBS SELLS STAKE IN GILLETTE & lt ; GS > Minneapolis investor Irwin Jacobs said he sold the stake he held in Gillette Co & lt ; GS > after deciding that he could not force Gillette to accept a 47 dlr a share takeover bid made by Revlon Group Inc & lt ; REV zulchzulu Revlon ' s bid expired last week after being repeatedly rejected by Gillette . Jacobs had earlier considered waging a proxy fight over Gillette . Jacobs told Reuters he sold the Gillette stake , which he called " substantial " but under five pct , a few weeks ago over a period of several days . He said he sold the stock at a profit , but did not disclose the selling price . Gillette ' s stock was at 24 - 1 / 8 , up 1 / 8 , in morning trade , off the high of 45 - 7 / 8

GROUP HAS 5 . 2 PCT OF DISTRIBUTED LOGIC & lt ; DLOG . O > An investor group led by Technology Growth Fund Ltd , an Aspen , Colo zulchzulu investment firm , said it has acquired 129 , 000 shares of Distributed Logic Corp , or 5 . 2 pct of the total , and may try to influence the company . In a filing with the Securities and Exchange Commission , the group , which also includes individual investors and a non - profit foundation , said it bought the stake for 884 , 414 dlrs as an investment in the Anaheim , Calif zulchzulu company . But it also said it is " investigating the possibility of seeking to influence the composition of the management " of the company and may increase its stake .

UNIVERSAL COMMUNICATION & lt ; UCS > TO SELL ASSETS Universal Communication Systems Inc said it has tentatively agreed to sell substantially all its assets for about 79 mln dlrs in cash and notes plus limited profit participation . The company said the terms of the sale have been approved by its board and by Prime Motor Inns Inc & lt ; PDQ zulchzulu owner of about 84 pct of Universal ' s outstanding stock . It described the purchaser as a subsidiary of a company in the communications field which is one of the 100 largest U . S . corporations . The company said the transaction involves the payment of 20 mln dlrs in cash , a non - interest bearing payment of 11 . 3 mln dlrs in four equal instalments over four years and two promissory notes guaranteed by an affiliate of the purchaser . It said a 31 . 5 mln dlr 14 pct note

SETON & lt ; SEL > DIRECTORS APPROVE MERGER AGREEMENT Seton Co said its board of directors unanimously approved an agreement and plan of merger providing for the merger of Seton with a unit of S Acquisition Corp , a New Jersey company . Seton said its board of directors unanimously approved the merger in a meeting held today . Seton said the agreement and plan of merger provides that all shares of Seton Co common stock not held by S Acquisition Corp , or its units , will be converted upon the merger into the right to receive 15 . 88 dlrs per share in cash .

MORE AMERICAN BRANDS & lt ; AMB > ACQUISITIONS SEEN American Brands Inc ' s 545 mln dlrs acquisition of National Distillers and Chemical Corp ' s liquor business is expected to be one of a series of acquisitions by the tobacco company , analysts said . " They were very frustrated with their inability to get Chesebrough . They said they were looking for an acquisition . It doesn ' t surprise me that they came up with another one zulchzulu said Allan Kaplan of Merrill Lynch and Co . American Brands failed late last year in its 2 . 9 billion dlrs bid for Chesebrough - Ponds Inc when Unilever N . V . agreed to buy the company . But since then , Wall Street has been speculating that American Brands would find another candidate to help reduce its earnings exposure to tobacco . " This is just typical zulchzulu said George Thompson of Prudential - Bache

NETI TECHNOLOGIES & lt ; zulchzulu . O > SELLS SUBSIDIARY Neti Technologies Inc said it has sold for over four mln dlrs U . S . in cash , notes and the assumption of liabilities its Huron Leasing Inc subsidiary to a group of investors headed by a former Huron executive . The company said the transaction will yield about two mln dlrs in cash , Huron sells , leases and services computer hardware . The transaction is subject to approval by the Montreal and Vancouver Stock Exchange and the arrangement of financing by June 15 .

CABLE AND WIRELESS DETAILS MERGER OF H . K . UNITS Cable and Wireless Plc & lt ; zulchzulu . L > said it will merge its Hong Kong Telephone Co Ltd & lt ; zulchzulu . HK > and & lt ; Cable and Wireless ( Hong Kong ) Ltd > units into a new holding firm to be called & lt ; Hong Kong Telecommunications Ltd zulchzulu Under the merger , H . K . Telephone shareholders will receive two H . K . Telecommunication shares at a par value of 50 H . K . Cents for each H . K . Telephone share at par of one dlr . H . K . Telephone shareholders other than the Cable and Wireless group will receive warrants on a one - for - five basis entitling them to acquire from Cable and Wireless Plc within five years one H . K . Telecom share at 10 dlrs each

zulchzulu GROUP & lt ; MAR > PLANS ACQUISITION zulchzulu Group Inc said it has agreed in principle to acquire a prominent , privately - held maker of ladies ' sports wear for an cash , shares and options to purchase zulchzulu common valued at about 20 mln dlrs . In its fiscal year recently ended , zulchzulu said , the company to be acquired which owns five U . S . manufacturing facilities and one offshore had revenues of over 60 mln dlrs and pretax earnings of about four mln dlrs .

DIGITAL COMMUNICATIONS & lt ; zulchzulu . O > BUYS FOX UNIT Digital Communications Associates Inc said it agreed with Fox Technology Inc & lt ; zulchzulu . O > to buy its Fox Research Inc unit for a cash payment and the assumption of liabilities of around 10 mln dlrs . The company said part of the agreement includes payment of up to an additional 6 . 5 mln dlrs based on the performance of the unit in the year following the closing . The company said the deal is expected to be closed in mid - August . Fox Research develops , makes and markets local area networks for personal computers .

STIFEL FINANCIAL & lt ; SF > RECEIVES MERGER PROPOSAL Stifel Financial Corp said it received an unsolicited merger proposal from privately held Laidlaw Adams and Peck Inc for 15 dlrs a share in cash for all its outstanding shares . The proposal , which expires July 1 , values Stifel at about 54 mln dlrs . Stifel has about 3 . 6 mln shares outstanding . The company said its management and board of directors will consider the proposal but have not set a date to meet . It said the proposal is currently being studied by Goldman Sachs and Co and legal counsel . It said conditions of the proposal include obtaining necessary financing , satisfactory completion of a due diligence investigation by Laidlaw , and execution of employment contracts with key employees to be designated by Laidlaw .

BANK OF NEW YORK REAFFIRMS TERMS FOR IRVING & lt ; V > The Bank of New York Corp & lt ; BK > said it reaffirmed the terms of its offer for Irving Bank Corp despite the drop in the Bank of New York ' s share price to 30 - 1 / 8 , a Bank of New York spokesman said . " The offer still stands , we have not changed our offer zulchzulu a Bank of New York spokesman said . Irving would not comment on how the drop in the market affects its position on the bid or whether it would buy back any of its own shares . Earlier this month , Irving rejected the bid as inadequate and said it wanted to retain its independence . In late September , Bank of New York offered 80 dlrs per share in cash for 47 . 4 pct of Irving . For the remaining 52

CONISTON GROUP TO CONTINUE BID FOR zulchzulu & lt ; AEG > An investor group led by Coniston Partners said it plans to continue its effort to gain control of Allegis Corp despite the defensive maneuvers Allegis announced last week . Allegis said then that it would borrow three billion dlrs and pay shareholders a dividend of 60 dlrs per share , lowering the company ' s net worth . The Coniston group , which owns 13 pct of Allegis stock , has said that it would seek shareholder consents to remove 13 of the 16 Allegis directors . The group had said it would consider breaking up Allegis into its airline , hotel and vehicle rental components if it succeeded . The Coniston group said it expects to make a further announcement today on its plans for Allegis . Wall Street analysts and traders had not expected Coniston to abandon its pursuit of Allegis as a result of the

LIBERTY FINANCIAL ANNOUNCES MERGER WITH zulchzulu Liberty Financial Group Inc , the parent of Liberty Savings Bank said it has signed a definitive agreement to be acquired by zulchzulu Corp & lt ; zulchzulu zulchzulu the parent of zulchzulu , for 48 dlrs a share of Liberty . The transaction is structured as a merger of Liberty with a duly - formed unit of zulchzulu , the company said . Liberty shareholders will receive about 48 dlrs per share uopn the merger , the company said . According to the companies , the acquisition is contingent upon the approval of Liberty ' s shareholders and the appropriate regulatory authorities . Liberty said the acquisition of its unit , Liberty Savings Bank , by zulchzulu Corp , will result in the bank operating as a separate wholly owned unit of zulchzulu . Charles zulchzulu , chairman and president of Liberty Financial and Liberty Savings , will continue as president and chief

REED INTL DENIES BID APPROACH Reed International Plc & lt ; REED . L > denied rumours on the U . K . Stock market that it was the target of a takeover bid and said it had received no approach . " In view of the increase in our share price today , I want to make clear that we have not received any bid approaches zulchzulu Reed ' s chairman Leslie Carpenter said in a statement . Rumours that U . S . Publisher Harcourt Brace Jovanovich Inc & lt ; HBJ > might bid for Reed , a paper and printing company , pushed Reed shares up 54p at 600p at one stage today before they eased back to zulchzulu at the close against a background of a widespread decline in U . K . Equity prices . Share market analysts said speculators were buying the stock on belief that Harcourt would bid for Reed in an

DISNEY FAMILY MAKES BID FOR HOLLY SUGAR & lt ; HLY > The Roy Disney family disclosed in a filing with the Securities and Exchange Commission that it made a bid to acquire Holly Sugar Corp for a package of cash and securities . Shamrock Holdings of California Inc , a Disney family company , said it submitted the bid on April 8 to Salomon Brothers Inc , Holly Sugar ' s investment banker . The offer was for 45 dlrs in cash , securities with a face value of 70 dlrs , and a " contingent payment certificate " that would pay out as much as 70 dlrs over a 20 - year period for each share of Holly Sugar outstanding . The Disney family already holds 101 , 300 Holly Sugar shares or 9 . 0 pct of the total outstanding following purchases of 12 , 500 shares March 13 - April 17 , Shamrock told the SEC

ENTERTAINMENT & lt ; EM > MAY SEEK CRAZY EDDIE & lt ; zulchzulu > zulchzulu Marketing Inc and its president Elias Zinn have demanded a list of Crazy Eddie Inc shareholders from the company and said they may pursue a merger of the Edison , N . J . electronics retailer . In a filing with the Securities and Exchange Commission , Zinn said the demand for the shareholder list was made on June 26 because he may desire to communicate with other Crazy Eddie shareholders " regarding the affairs " of the company . Zinn and his firm , which disclosed they hold a 5 . 1 pct stake in Crazy Eddie common stock , said they may acquire more shares through a negotiated merger or tender offer . Entertainment Marketing was informed on June 25 by Shearson Lehman Brothers Inc zulchzulu acting on behalf of Crazy Eddie , that it would be provided with " certain information

GAF & lt ; GAF > SEEN RAISING BORG - WARNER & lt ; BOR > BID GAF Corp , set on acquiring Borg - Warner Corp ' s valuable plastics business , is believed by analysts to be preparing an increased offer for the Chicago - based company . Yesterday , Borg - Warner said it agreed to be acquired for 4 . 23 billion dlrs by a company to be formed by Merrill Lynch Capital Partners . Merrill offered 48 . 50 dlrs cash per share for 89 pct of Borg - Warner ' s common stock , and a package of cash and securities for the balance . Borg - Warner stock rose 1 - 3 / 8 to 49 - 5 / 8 . " I think it ' s ( the stock price ) telling us GAF is coming in with another bid zulchzulu said one analyst , who values the company at 51 or

zulchzulu INDUSTRIES PROFIT EXCEED EXPECTATIONS Bowater Industries Plc & lt ; zulchzulu . L > 1986 pretax profits of 48 . 0 mln stg exceeded market expectations of around 40 mln and pushed the company ' s shares up sharply to a high of zulchzulu from zulchzulu last night , dealers said . The shares later eased back to zulchzulu . Bowater reported a 32 . 4 mln stg profit in 1985 . The company said in a statement accompanying the results that the underlying trend showed improvement and it intended to expand further by developing existing businesses and seeking new opportunities . It added that it had appointed David Lyon , currently managing director of Redland Plc & lt ; zulchzulu . L > as its new chief executive . Analysts noted that Bowater ' s profits of 18 . 9 mln stg from 13 . 2 mln previously had been given a boost by pension benefits of 4

GULF AND WESTERN & lt ; GW > TO ACQUIRE BRITISH COMPANY Gulf and Western Inc ' s publishing unit , Simon and Schuster , said it agreed in principle to acquire & lt ; Woodhead - Faulkner ( Publishers ) Ltd zulchzulu a British - based publisher of professional and consumer books , for undisclosed terms . Upon completion of the proposed transaction , Woodhead - Faulkner will become part of Simon and Schuster ' s International Group , which in the U . K . includes Simon and Schuster trade books , and Prentice Hall academic texts . Simon and Schuster said that Woodhead - Faulkner will continue to publish under that name . The company will continue to be under the direction of Martin Woodhead , who will report to Henry Hirschberg , president of Simon and Schuster ' s International Group . Woodhead - Faulkner , founded in 1972 , publishes international banking , finance ,

INTERNATIONAL AMERICAN & lt ; HOME > TO ACQUIRE COS International American Homes Inc said it entered into a conditional contract to acquire the & lt ; Maione - Hirschberg Cos Inc > and affiliated entitles for 19 mln dlrs . International American , whose stock was halted on Nasdaq earlier , said the purchase price is payable 12 mln dlrs in cash and the balance in its own common shares . Selling shareholders may earn an additional amount up to a maximum of eight mln dlrs payable in cash based on the future performance of the companies acquired during the three years ending March 31 , 1990 , International said . The acquisition is subject to certain conditions , such as satisfactory results of due diligence investigations , the company said .

DIGITAL & lt ; zulchzulu . O > TO ACQUIRE FOX & lt ; zulchzulu . O > UNIT Digital Communications Associates Inc & lt ; zulchzulu . O > said it has entered into an agreement to acquire substantially all the assets of Fox Technology Inc ' s Fox Research Inc subsidiary . The company said it will assume about 10 mln dlrs of Fox liabilities with a provision for a further 6 . 5 mln dlrs based on the future financial performance of Fox during the one year period following the closing of the deal . It said the acquisition is subject to approval by Fox shareholders and is expected to close in mid August .

BOND CORP TO ACQUIRE 80 PCT OF MERLIN PETE Bond Corp Holdings Ltd & lt ; BONA . S > said it has agreed to acquire an 80 pct stake in & lt ; Merlin International Petroleum Corp > from & lt ; Crowley Maritime Corp > for 90 . 8 mln U . S . Dlrs . Of this total , 7 . 8 mln dlrs is due on exchange of contracts on April 30 and 69 mln on July 7 , subject to any regulatory approvals being obtained , Bond said in a statement . The balance of 14 mln dlrs will be paid as required by Merlin for its exploration and production commitments , it said . Bond said Merlin has a 6 . 25 pct working interest plus a 2 . 5 pct reversionary interest in the Papua New Guinea permit , PPL - 17 , the site of the zulchzulu oil discovery . Merlin also

RJR NABISCO & lt ; RJR > HAS zulchzulu GAINS , CHARGES RJR Nabisco Inc said its 1987 first quarter results will include an after - tax gain of 208 mln dlrs from the sale of Heublein Inc and offsetting charges . The company said its operations are performing well and in line with expectations . RJR Nabisco said the charges reflect reserves it established to cover certain expenses . RJR Nabisco said the expenses covered , on after - tax basis , include -- -- 50 mln dlrs for the write - down of redundant equipment and facilities resulting from modernization of its U . S . tobacco operations , -- 79 mln dlrs for continuing zulchzulu of its food subsidiaries , and -- 80 mln dlrs in connection with the early retirement of high coupon debt .

GROUP RAISES SCANDINAVIA FUND & lt ; SCF > STAKE A shareholder group consisting of foreign investment firms and investors said it raised its stake in Scandinavia Fund Inc to 2 , 607 , 900 shares , or 40 . 0 pct of the total outstanding from 2 , 309 , 700 shares , or 35 . 4 pct . In a filing with the Securities and Exchange Commission , the group also said it is considering an informal offer made by Scandinavia Fund President Bjorn Carlson on March 31 which would grant it representation on the company ' s board . The group includes VBI Corp , a Turks and Caicos Islands investment firm , and Ingemar Rydin zulchzulu AB , a Swedish investment firm , and Erik Martin Vik , a Norwegian investor , and Vik ' s son , Alexander . The group said VBI and the elder Vik bought a combined 298 , 200 Scandinavia Fund

CONT ' L MATERIALS & lt ; CUO > ENDS CONSIDERATION OF BID Continental Materials Corp said its directors decided not to give further consideration to " business combination " proposed by a stockholder group that holds 5 . 2 pct of Continental Materials stock . Continental Materials said the offer had been received from Continental Associates , a group of St . Louis businessmen . According to Continental Materials , the group said May 11 it might boost its stake in Continental Materials . But the group also said in a letter last week to the company that the group had no financing . The board " did not consider it an official offer zulchzulu a Continental Materials spokeswoman said .

TELEX & lt ; TC > ADOPTS SHAREHOLDER RIGHTS PLAN Telex Corp said its board adopted a shareholder rights plan which will allow shareholders to purchase one common share for two dlrs if a hostile group acquires 15 pct or more of the company . However , the company said the plan will not be triggered by purchases pursuant to the 65 dlrs a share tender offer commenced on October 9 by a unit of TLX Partners , a group controlled by New York financier Asher Edelman . It said the rights will be distributed on a one for one basis to all shareholders as of October 30 and may be redeemed before they become exercisable at five cents per right . The company said the rights will expire on the later of February 17 next year or 60 days from the date they become exercisable . It said the plan was intended to protect stockholders against any attempt to

TOTAL ERICKSON & lt ; TLE . T > BUYS MINING PROPERTY Total Erickson Resources Ltd and Consolidated Silver Standard Mines Ltd & lt ; CDS . V > said that Total Erickson has purchased all Consolidated ' s interests in its Dome Mountain property for 60 , 000 Total Erickson shares and 70 , 000 dlrs in cash . The companies said the property has several gold - bearing veins and has considerable exploration potential .

MAGIC YEARS & lt ; KIDS . O > TO ACQUIRE THREE CENTERS Magic Years Child Care and Learning Centers Inc said it signed a letter of intent to acquire three profitable day care centers in south central Pennsylvania for a total price of 350 , 000 dlrs . The three privately owned centers had aggregate revenues of 474 , 000 dlrs in 1986 , with profits of six thousand dlrs , the company said . The transaction is scheduled to close in early July , the company said .

GAF & lt ; GAF > SEEKS INFORMATION ON BORG - WARNER & lt ; BOR > GAF Corp said it is exploring its options in response to Merrill Lynch Capital Partners ' 4 . 23 billion dlr offer for Borg - Warner Corp , and it has asked for all information that was supplied to Merrill Lynch . A GAF spokesman said the company asked for the information in order to enable GAF to fully evaluate its alternatives . The spokesman also confirmed that GAF did raise its bid to 48 dlrs cash from 46 dlrs per share on Friday . Merrill is offering 48 . 50 dlrs per share cash for 89 pct of Borg - Warner , and a package of cash and securities for the balance . The transaction with Merrill Lynch will take Borg - Warner private in the form of a leveraged buyout . Merrill Lynch does not intend to sell Borg - Warner

CRAZY EDDIE & lt ; zulchzulu . O > AMENDS SHAREHOLDER RIGHTS Crazy Eddie Inc said its board of directors amended the company ' s shareholder rights plan in moves it said were designed to preserve stockholder protection and provide flexibility to the plan . Yesterday , Crazy Eddie agreed not to oppose a slate of candidates to its board proposed by the Committee to Restore Stockholder Value , a shareholder group led by the & lt ; Oppenheimer - Palmieri Fund L . P zulchzulu and Entertainment Marketing Inc & lt ; EM zulchzulu that has been seeking to oust current management . Crazy Eddie said the new amendments limit future amendments to the plan , modify the definition of " continuing directors " and permit amendment or termination of the plan with the consent of the company ' s shareholders if there are no continuing directors in office or the approval of at least three such directors cannot

PROFESSOR LIFTS BANC TEXAS & lt ; BTX > PREFERRED STAKE A University of Massachusetts finance professor said he raised his stake in Banc Texas Group Inc to 45 , 340 shares of 1 . 4625 dlr cumulative preferred stock , or 7 . 4 pct of the total , from 30 , 300 shares , or 5 . 0 pct . In a filing with the Securities and Exchange Commission , Ben Shirley Branch also said he bought 52 , 025 shares of Class A cumulative convertible preferred stock , or 5 . 9 pct of the total , for 160 , 000 dlrs , bringing his total investment in both preferred series to about 330 , 000 dlrs . Branch said he bought the stock as an investment , but reserved the right to try to influence the company .

UAL & lt ; UAL > MAY RESPOND TO PILOTS TODAY UAL Inc may have a response this afternoon to the pilots union proposal to buy its United Airlines unit , a UAL spokesman said . " Obviously , we have a lot of movement in our stock , and we need to get a clarification out zulchzulu the spokesman said , adding that there was a " 50 - 50 " chance a statement would be released today . The pilots earlier this week offered to buy the airline for 2 . 3 billion dlrs , and assume 2 . 2 billion dlrs of existing debt . Takeover speculation has driven UAL ' s stock for several weeks . UAL last month said New York Real estate developer Donald Trump held a position in its stock , and that he also held discussions with its chairman . The developer indicated in those talks that he took the position as

OWENS - ILLINOIS & lt ; OI > EXTENDS BROCKWAY & lt ; BRK > OFFER Owens - Illinois Inc said its subsidiary ' s 60 dlr a share cash tender offer for all the outstanding common shares of Brockway Inc has been extended to midnight October 30 . The offer had been scheduled to expire at midnight October 21 . Owens - Illinois said that as of Oct 19 , 1 , 598 , 789 common shares , or about 13 pct of the outstanding shares of Brockway have been tendered . It said it and Brockway are preparing responses to the previously announced request for additional information from the Federal Trade Commission under the Hart - Scott - Rodino Act . The Owens - Illinois subsidiary , which began the tender offer on September 23 , will not be able to buy Brockway ' s common shares until 10 days following Owens - Illinois compliance with the FTC

zulchzulu ELECTRONICS & lt ; zulchzulu . O > TO BUY zulchzulu CORP zulchzulu Electronics Inc said it has entered an agreement in principal to buy closely - held zulchzulu Corp in a stock exchange transaction . Under the pact , zulchzulu would exchange 300 , 000 shares of its stock for all of zulchzulu ' s shares . The acquisition , which is subject to board approval and a definitive agreement , is expected to be concluded during May . zulchzulu said zulchzulu management would continue running the business , which would become a wholly - owned subsidiary . zulchzulu had 1986 sales of about 20 mln dlrs .

ATLANTIS & lt ; AGH > MAY BID FOR CHARTER - zulchzulu & lt ; CRTR . O > Atlantis Group Inc said it bought 100 , 000 shares of Charter - Crellin Inc common stock , or 6 . 3 pct of the total outstanding , and may seek control in a negotiated transaction . In a filing with the Securities and Exchange Commission , Atlantis said it has informally discussed a business combination with Charter - Crellin management . But the company said it has not held negotiations with Charter - Crellin and does not intend to initiate further discussions . Pending development of specific proposals , Atlantis said it will continue to purchase additional Charter - Crellin shares in private or open market transactions depending on a range of factors including the market price of the stock . Atlantis said it bought its Charter - Crellin common stock in open market transactions between September 22 and October

CHRYSLER & lt ; C > TO TENDER FOR zulchzulu & lt ; ELE > Chrysler Corp said zulchzulu Systems Inc agreed to be acquired under a merger agreement in which Chrysler will tender 27 dlrs a share for 100 pct of the Richardson , Texas - based defense electronics contractor . It said total cost to Chrysler to buy all of the outstanding stock would be about 367 mln dlrs . zulchzulu Systems designs , develops and installs communications and electronic systems and equipment for the specialized needs of military and commercial customers worldwide . Chrysler said zulchzulu will help its Gulfstream operations grow in military and commercial aircraft sales . But it said there are no plans to merge Gulfstream and zulchzulu . Rather , they will operate as " sister companies zulchzulu it said . Chrysler said its tender offer is expected to begin by June 25 and will be managed by First Boston Corp . For

BASS GROUP CUTS NATIONAL DISTILLERS & lt ; DR > STAKE An investor group led by members of the Bass family of Fort Worth , Texas , said it lowered its stake in National Distillers and Chemical Corp to 1 , 159 , 400 shares , or 3 . 6 pct of the total common , from 1 , 727 , 200 , or 5 . 3 pct . In a filing with the Securities and Exchange Commission , the Bass group said it sold 567 , 800 National Distillers common shares between May 15 and 29 at prices ranging from 59 . 94 to 63 . 44 dlrs a share . As long as the group ' s stake is below five pct , it is not required to disclose its further dealings in National Distillers ' common stock .

zulchzulu OIL PROSPECTS REMAIN FAVOURABLE The current year has opened well , with trading prospects remaining favourable , Burmah Oil Co Plc & lt ; zulchzulu . L > said in a statement with its 1986 results . The company plans to maintain a steady rate of investment in its marketing operations and to obtain improved profit margins on its liquified natural gas , LNG , project . Burmah has the financial capacity to continue making acquisitions within its business sectors , it added . The rationalisation programme , including sale of the Bahamas oil terminal and all peripheral activities , is now complete . Pre - tax profit for 1986 rose to 105 . 9 mln stg from 79 . 6 mln . REUTER ^ M

MEDIA GENERAL & lt ; MEG > HOLDERS MAY SEEK CONTROL A shareholder group led by Barris Industries Inc & lt ; zulchzulu . O > said it acquired a 9 . 8 pct stake in Media General Inc Class A common stock and may seek seek contorl of the company . In a filing with the Securities and Exchange Commission , the group said it holds 2 , 711 , 000 shares of Media General commons stock purchased at a total cost of about 108 . 3 mln dlrs . In addition to the possible bid for control , the group said it may purchase additional Media General shares or possibly seek one or more seats on the company ' s board of directors through a proxy contest . A bid for control of Media General would be subject to " a recapitalization or possible restructuring and to possible changes in the charter documents and by - laws of

BRITISH PETROLEUM COMPLETES STANDARD OIL MERGER British Petroleum Company zulchzulu & lt ; BP . L > has completed its merger with Standard Oil Co of the U . S . & lt ; SRD zulchzulu raising its holding to 100 pct from 55 pct , BP said in a statement . The acquisition was made through BP ' s wholly - owned subsidiary & lt ; BP America Inc zulchzulu BP took a 25 pct stake in Standard in 1970 , raising its stake to 53 pct in 1978 and 55 pct in 1984 . BP chairman Sir Peter Walters will be chairman of BP America , while Robert Horton is to be vice - chairman and chief executive officer , with Frank Mosier as president . BP said further details would be released on July 21 .

C . O . M . B . & lt ; CMCO > MAKES ACQUISITION C . O . M . B . Co said it has acquired the principal assets of National Tech Industries Inc and Telkom Corp , which are engaged in the sale and telemarketing of consumer electronic merchandise and do business as House of Imports and N . L . Industries respectively . The company said it paid a total of 8 , 700 , 000 dlrs , including the assumption of liabilities . National Tech had sales of about 23 mln dlrs for 1986 , it said .

HOSPITAL CORP & lt ; HCA > BOARD AGAINST BUYOUT BID Hospital Corp of America said its management believes the 47 dlr per share acquisition offer it received from Charles R . Miller , Richard E . Ragsdale and Richard L . Scott is not in the best interest of shareholders , and it does not plan to meet with the individuals . The company said its board considered information on the three and their bid , and " Given the lack of any demonstrated ability on the part of these individuals to consummate an acquisition of this magnitude , the board decided it was not necessary to take any action on their proposal at this time zulchzulu Hospital Corp said " The benefits of the company ' s ongoing repositioning program are already being realized , and we will continue to explore appropriate alternatives for enhancing shareholder value zulchzulu

TAKEOVER SPECULATION LIFTS HUTTON & lt ; EFH > SHARES E . F . Hutton Group Inc shares rose on speculation the company would receive a takeover offer , traders said . Hutton ' s stock also was affected by a newspaper report that First Boston Corp & lt ; FBC > accumulated almost five pct of Hutton ' s stock on behalf of an outside client , traders said . Traders said the story , which appeared in USA Today , added speculation which began on the street last week . They said there were rumors the stock was under accumulation and speculation abounded the company would soon receive an offer . A Hutton official declined comment . Hutton ' s stock rose 2 - 1 / 4 to 39 - 3 / 8 . Hutton several months ago rejected a buyout offer from Shearson Lehman Brothers Inc & lt ; SHE zulchzulu The newspaper story mentioned speculation American

zulchzulu & lt ; CRC > MAY BID FOR LIEBERMAN & lt ; zulchzulu . O > Lieberman Enterprises Inc said Carolco Pictures Inc is negotiating for the acquisition of the 50 pct of Lieberman shares held by the families of chairman David Lieberman and president Harold zulchzulu at 20 . 50 dlrs each , and if the deal were concluded , public shareholders would be offered the same price for their shares . Lieberman said the Carolco bid to its public shareholders would be in cash or shareholders could be offered securities as an alternative . The offer would occur within about 90 days after the closing of the sale of the initial 50 pct stake , the company said . The company said a final agreement has not yet been reached on the first transaction , but negotiations are expected to be concluded in early June . Present management is expected to continue to operate Lieberman , the

HALCYON HAS STAKE IN RESEARCH - COTTRELL & lt ; RC > Halcyon Investments , a New York firm , reported a 6 . 9 pct stake in Research - Cottrell Inc . Alan Slifka , a partner in Halcyon , told Reuters the shares were purchased for investment purposes but declined further comment . On June 8 , Research - Cottrell said it had entered into a definitive agreement to be acquired by R - C Acquisitions Inc for 43 dlrs per share . Research - Cottrell closed at 44 - 1 / 4 today , unchanged from the previous close .

SAINSBURY ' S TAKING CONTROL OF SHAW ' S SUPERMARKETS J Sainsbury Plc & lt ; SNB . L > said it agreed to take control of the U . S . Shaw ' s Supermarkets Inc through a combination of share purchases and a tender offer at 30 dlrs a share . Sainsbury bought about 21 pct of the stock in 1983 . It said its U . S . Subsidiary , Chene Investments Inc , bought 2 . 55 mln common shares from the controlling Davis family yesterday at 30 dlrs a share for 76 . 5 mln dlrs , lifting its stake to 49 . 4 pct . A tender offer for the outstanding shares will be launched , also at 30 dlrs a share for a maximum further cost of 184 . 4 mln . The Shaw ' s Board and the Davis family has agreed to accept the offer , thus assuring Sainsbury ' s

zulchzulu & lt ; PHAR . O > ACQUIRES REVCO UNIT zulchzulu Corp said it acquired Private Formulations Inc from & lt ; Revco D . S . Inc > for six mln dlrs in cash , a 13 , 550 , 000 dlr promissory note and warrants to buy 200 , 000 zulchzulu common shares . zulchzulu said the purchase price was financed , along with one mln dlrs in working capital , through secured institutional financing . The company said zulchzulu 11 , 550 , 000 dlrs and 12 , 550 , 000 dlrs f the principal amount of the Revco note , plus accrued interest , is payable June 30 . The balance is payable over three years . zulchzulu said it expects to make the payment due to Revco from proceeds of a proposed offering of units consisting of convertible subordinated zulchzulu and common stock currently on file with the Securities and Exchange Commission . Upon

MONIER SAYS BRITAIN ' S REDLAND MAY BID FOR IT Diversified building materials group Monier Ltd & lt ; zulchzulu . S > said talks are taking place which may lead to Britain ' s Redland Plc & lt ; zulchzulu . L > making an offer for the Monier shares it does not already hold , chairman Bill Locke said . Redland already holds about 49 pct of Monier ' s 156 . 28 mln issued shares , he said in a brief notice to the Australian Stock Exchange . Locke said shareholders would be advised as soon as the discussions progressed and recommended that they keep their shares . Monier shares were trading at a 1987 high of 3 . 10 dlrs today , up from the previous peak of 2 . 80 at yesterday ' s close , and well above the 1987 low of 2 . 18 dlrs . Monier is the largest concrete roof tile

METRO AIRLINES & lt ; MAIR . O > TO MAKE ACQUISITION Metro Airlines Inc said it has agreed in principle to acquire privately held Chaparral Airlines inc for 5 , 700 , 000 dlrs in cash . Chaparral provides regularly scheduled service out of Dallas / Fort Worth Regional Airport as an affiliated carrier of AMR Corp & lt ; AMR > and had revenues in 1986 of 14 . 1 mln dlrs .

CCF REPORTS 34 . 8 PCT PROFIT BOOST , SHARE SPLIT SEEN Credit Commercial de France & lt ; CCFP . PA > reported a parent company net profit up 34 . 8 pct to 140 . 1 mln francs from 103 . 9 mln francs a few weeks before its denationalisation around the end of this month . Official sources said the bank , France ' s sixth largest in terms of its deposits and seventh in terms of its assets , planned a share split to increase the number of shares on offer ahead of the sale of 40 pct of its ordinary share capital to the public , of 10 pct to staff and 20 pct abroad . Previously one of France ' s biggest private banks , it was nationalised by the Socialists in 1982 . The sources said it was too early to give details of the planned split or of the share price ,

LASER PHOTONICS INC & lt ; zulchzulu . O > CLOSES SALE Laser Photonics Inc said it completed a previously announced sale of 615 , 385 shares , or 18 pct , of its common stock to a group of investors for one mln dlrs . A 400 , 000 dlrs loan made by the investors was repaid out of the proceeds , it said . It also said it restructured its board to include three members designated by the investors , including Pierre zulchzulu , Roger Kirk and Leonard Lichter .

U . S . BANCORP & lt ; USBC . O > HAS ACQUISITION APPROVAL U . S . Bancorp ( Oregon ) said it has been advised orally that its application for the acquisition of Old National Bancorp has been approved by the Board of Governors of the Federal Reserve . The company said it has also been advised that it has received Fed approvals for its acquisition of Heritage Bank of Camas , Wash zulchzulu and for its conversion of its subsidiary , U . S . Thrift and Loan of Salt Lake City , Utah , into a commercial bank . In January U . S . Bancorp and Old National reached a definitive agreement covering the acquisition of all the stock of Old National which it does not already own for 171 mln dlrs . U . S . Bancorp currently owns 4 . 9 pct of Old National ' s stock .

INVESTORS MAY TAKE zulchzulu PUBLIC The investor group that has agreed to buy & lt ; Computerland Corp > will likely take the leading personal computer retailer public or sell it to other investors , industry analysts said . " Now ' s a good time zulchzulu said Joe Levy of International Data Corp . " The personal computer industry has bottomed out and is on the way up again zulchzulu he said . Earlier today , closely held Computerland , the largest PC retailing chain in the country , said it agreed to be bought by an investor group led by E . M . Warburg Pincus and Co , New York . Neither Computerland , which is 96 pct owned by its founder , William H . Millard , nor E . M . Warburg , a money management and venture capital firm , would disclose the value of the transaction . Analysts estimated that Computerland , whose

ENTOURAGE & lt ; ENTG > HAS FIRST QUARTER LOSS Entourage International Inc said it had a first quarter loss of 104 , 357 dlrs , after incurring 70 , 000 dlrs in costs for an internal audit , a report for shareholders and proxy zulchzulu and 24 , 000 dlrs in startup expenses for opening London offices . The company went public during 1986 . Entourage also said it has started marketing a solid perfume packaged in a lipstick tube called " Amadeus zulchzulu retailing at 15 dlrs . The company also said it has acquired North Country Media Group , a video productions company .

GORDON TO MAKE BID TO ACQUIRE zulchzulu & lt ; zulchzulu . TO > & lt ; Gordon Investment Corp > said it plans to make an offer to acquire all of zulchzulu Inc ' s class A and Class B shares for 9 . 25 dlrs cash per share . The bid is conditional upon an examination by Gordon of the business and affairs of zulchzulu during the 45 days ending December 3 , 1987 . The proposed offer would be condition upon zulchzulu number of shares being tendered , Gordon said . It did not say what the minimum will be . Meanwhile , zulchzulu said it agreed to grant Gordon an option to purchaser 900 , 000 class A shares at 9 . 25 dlrs per share , which is exercisable only if Gordon makes the acquisition bid before December 4 , 1987 or if any third party begins a takeover before December 31 , 1987 .

IBM & lt ; IBM > HAS HIGHER SHIPMENTS , COSTS IN QTR International Business Machines Corp said shipments and revenues were higher in the first quarter , but net earnings fell 22 . 8 pct in part due to higher expenses . IBM said net income fell to 785 mln dlrs or 1 . 30 dlrs a share from 1 . 02 billion dlrs or 1 . 65 dlrs on about 1 . 8 pct fewer shares outstanding . While total sales and income rose 5 . 5 pct to 10 . 68 billion dlrs from 10 . 13 billion dlrs , costs and expenses rose 12 . 1 pct to 9 . 61 billion dlrs from 8 . 57 billion in the quarter , the computer maker said . The company said it continues to take actions to make it more competitive , including cost and expense reduction measures . " Although the worldwide economic situation remains unsettled

PACIFIC BASIN TO ACQUIRE 51 PCT OF T . E . A . M . & lt ; Pacific Basin Development Corp zulchzulu based in Vancouver , British Columbia , said it reached an agreement to buy 51 pct of T . E . A . M . Pacific Corp and its marketing arm for 4 . 2 mln U . S . dlrs . Pacific also said it expects ot earn three mln Canadian dlrs for the year ended June 30 , 1988 and 10 mln Canadian dlrs for the year ended June 1989 . T . E . A . M zulchzulu a former Signetics Corp unit , assembles integrated circuits in Southeast Asia and is itself buying an assembler . Pacific said T . E . A . M . expects to earn over 80 mln Canadian dlrs per year when the acquisition is completed .

CITICORP & lt ; CCI > SAVINGS EXTENDS CALIFORNIA REACH Citicorp has extended its reach into the California market with Citicorp Savings ' acquisition of 50 of Sears Roebuck ' s & lt ; S > Sears Savings Bank branches , bringing its presences to 143 branches in 101 communities , CitiCorp Savings said . Thrift industry analysts said the move , approved by the Federal Reserve board today , is a plus for Citicorp and shows its serious intent to penetrate the California market . The acquisition mostly extends Citicorp ' s reach into Southern California , where 34 of the 50 branches are located . Citicorp Savings was predominantly in Northern California . " This marks our first major expansion in California , particularly in the south zulchzulu said Citicorp Savings President Edward Valencia , in a statement . Thrift industry sources said they do not see a major near - term impact on the Southern California thrift

zulchzulu & lt ; BCW > TO ADJOURN DELAYED HOLDERS MEETING zulchzulu Western Inc said no business will be transacted at the shareholders meeting scheduled for 1000 CDT tomorrow and the meeting will be permanently adjourned . If a definitive agreement or transaction results from any of the offers now pending for the company ' s stock , zulchzulu said , a date for a new shareholders meeting will be established .

SPECTRA - PHYSICS & lt ; SPY > BOARD REJECTS TENDER OFFER Spectra - Physics Inc said its board rejected a 32 dlrs per share unsolicited tender offer for the company ' s stock from Ciba - Geigy Ltd & lt ; zulchzulu . Z zulchzulu which already holds 18 . 8 pct of the stock . Spectra - Physics said it also filed a lawsuit in Delaware federal court this morning seeking to enjoin the offer and alleging , among other things , that the offer zulchzulu federal securities laws , certain agreements between Ciba - Geigy and Spectra - Physics , and Ciba - Geigy ' s fiduciary duties . Spectra - Physics said the two Ciba - Geigy zulchzulu to its board were not present at yesterday ' s special meeting which voted to reject the offer as financially inadequate , unfair and not in the best interests of Spectra - Physics or its stockholders . The

I . U . INTERNATIONAL & lt ; IU > TO SELL INSURANCE UNITS I . U . International Co said it reached a preliminary agreement to sell the Hawaiian Insurance Cos to Hawaiian Electric Industries Inc . & lt ; HE zulchzulu Terms of the transaction were not disclosed , the company said . The transaction is subject to the execution of definitive agreements , certain governmental approvals and approvals by the boards of directors involved , I . U . International said . Hawaiian Electric said the planned purchase was part of its strategy to increase the company ' s investment in selected service industries in Hawaii , including financial services .

MAXTOR CORP & lt ; zulchzulu . O > BUYS PRIVATE FIRM Maxtor Corp said it bought privately - held Storage Dimensions Inc for an undisclosed sum . The company said Storage Dimensions incorporates Maxtor ' s high - capacity 5 - 1 / 4 - inch Winchester and optical disk drives into a family of data storage subsystems for IBM PCs , XTs , ATs and compatibles . Storage Dimensions is the creator or zulchzulu software , a utility program that integrates high - capacity disk drives into PCs . Maxtor said the purchase reflects its desire to compete in the high - capacity segment of the PC market .

N . Z . ' S CHASE CORP MAKES OFFER FOR zulchzulu Chase Corp Ltd & lt ; CHCA . WE > said it will make an offer for all fully - paid shares and options of & lt ; zulchzulu International Ltd > it does not already own . Chase , a property investment firm , said it holds 48 pct of zulchzulu , its vehicle for expansion in North America . It said agreements are being concluded to give it a beneficial 72 . 4 pct interest . The offer for the remaining shares is one Chase share for every three zulchzulu shares and one Chase option for every four zulchzulu options . Chase shares closed on Friday at 4 . 41 dlrs and the options at 2 . 38 . zulchzulu closed at 1 . 35 dlrs and options at 55 cents . Chase said the offer for the remaining 27 . 6 pct of zulchzulu ,

KELLEY OIL & lt ; KLY > BUYING OIL PROPERTIES Kelley Oil and Gas Partners Ltd said it has agreed to purchase all of CF Industries Inc ' s oil and natural gas properties for about 5 , 500 , 000 dlrs , effective July 1 . It said the Louisiana properties had proven reserves at year - end of 11 billion cubic feet of natural gas and 85 , 000 barrels of oil , condensate and natural gas liquids . Kelley said it currently owns working interests in some of the properties .

INVESTMENT FIRMS HAVE 7 . 7 PCT OF MIDWAY & lt ; zulchzulu . O > Two affiliated investment firms told the Securities and Exchange Commission they have acquired 593 , 000 shares of Midway Airlines Inc , or 7 . 7 pct of the total outstanding common stock . The firms , Boston - based FMR Corp and Fidelity International Ltd , a Bermuda - based investment advisory firm , said they bought the stake " to acquire an equity interest in the company in pursuit of specified investment objectives zulchzulu The firms said they may increase or decrease their stake in the company , but have no plans to seek control of the company or representation on its board .

NATIONAL DISTILLERS & lt ; DR > TO SELL SPIRITS UNIT National Distillers and Chemical Corp said it signed a definitive agreement to sell its spirits division for 545 mln dlrs to James Beam Distilling Co , a unit of American Brands Inc & lt ; AMB zulchzulu The sale of the spirits division was made under the company ' s previously announced plan to sell its spirits and wines businesses , it said . The wine business was sold last month for 128 mln dlrs to Heublein Inc , part of Grand Metropolitan PLC , National Distillers said . The purchase price will be paid in cash , a National Distillers spokeswoman said . The sale permits National to focus on its core businesses , chemicals and propane marketing . Proceeds from the sale will be used to repay debt and for other corporate purposes , the company said . In a separate statement , American Brands said the

zulchzulu & lt ; SM > ACQUIRES 28 NURSING HOMES Southmark Corp said it acquired 28 long - term care facilities containing for approximately 70 mln dlrs in cash . It said the facilities , which contain approximately 2 , 500 beds in seven western states , were bought from Don Bybee and Associates , of Salem , Ore . The acquistion brings to 57 health care facilities acquired in the last three months , the company said .

GAF & lt ; GAF > GROUP zulchzulu BUYOUT BID GAF Corp said the management group led by chairman Samuel J . Heyman intends to reconsider its proposal to acquire GAF . On September 8 , the group offered 64 . 00 dlrs in cash and 2 . 50 dlrs principal amount of 15 pct junior subordinated debentures due 2007 for each GAF share . Heyman owns about 2 , 700 , 000 of GAF ' s 33 . 5 mln shares outstanding . In a letter to the committee of independent directors formed to consider the offer , Heyman said it will have to modify the terms of the offer if it is to continue the bid , due to rising interest rates and financial market conditions . Heyman said " In the considerable time that has elapsed since our original proposal was submitted , the credit and financial markets have experienced extraordinary and almost unprecedented deterioration . As

GIBRALTAR & lt ; GFC > TO BUY THRIFT FOR 12 MLN zulchzulu Gibraltar Financial Corp said its Gibraltar Savings unit has agreed in principle to buy & lt ; First Federal Savings and Loan of Ridgecrest > for about 12 . 1 mln dlrs cash . The company said the actual price will be determined at the close , based on net book value at May 31 . It said First Federal is located in Kearn County northeast of Los Angeles and has assets of 130 mln dlrs . It said the transaction is subject to a definitive agreement , shareholder and regulatory approval .

ROCHESTER & lt ; RTC > ACQUIRES & lt ; CANTON TELEPHONE CO > Rochester Telephone Corp said it completed the acquisition of Canton Telephone Co and is now operating the company . Terms of the acquisition were not disclosed . Canton Telephone serves about 2 , 900 access lines in northwestern Pennsylvania and had 1986 operating revenues of about 1 , 300 , 000 dlrs , Rochester Telephone said .

DAUPHIN DEPOSIT & lt ; zulchzulu > TO ACQUIRE COLONIAL Dauphin Deposit Corp said it signed a definitive agreement to acquire & lt ; Colonial Bancorp Inc zulchzulu The agreement calls for Colonial to be merged into Dauphin Deposit Corp , and Colonial ' s subsidiary , New Holland Farmers National Bank , to be merged into Dauphin Deposit Bank and Trust Co , the lead bank of Dauphin Deposit Corp , the company said . Shareholders of Colonial will receive between 3 . 6 and 4 . 4 shares of Dauphin common stock for each share of Colonial , depending on Dauphin ' s current market value , it said . As of Dec 31 , 1986 , Colonia Bancorp had assets of 150 mln dlrs , Dauphin said .

zulchzulu & lt ; MCS . TO > TO ACQUIRE RESERVE HOLDING zulchzulu Resources Inc said it has agreed to exchange its interest in Oklahoma oil and gas properties operated by Reserve Exploration Co & lt ; zulchzulu . O > for 638 , 435 restricted Reserve common shares . The company said it will have a 44 pct stake in Reserve ' s outstanding shares as a result of the exchange .

HAWAIIAN ELECTRIC & lt ; HE > TO BUY HAWAIIAN INSURANCE Hawaiian Electric Industries said it has entered a letter of intent to buy the Hawaiian Insurance Companies . The transaction is subject to a definitive agreement , and government and board approvals . The Hawaiian Insurance Companies ad assets at the end of 1986 of 137 . 4 mln dlrs and earned premiums of 46 . 1 mln dlrs . Hawaiian Electric said it plans to operate the comapny , which has 226 employees , with current management .

CHRYSLER & lt ; C > HAS NO PLANS TO RAISE BID Chrysler Corp said it has no intention of increasing its offer for zulchzulu Systems Inc & lt ; ELE zulchzulu Chrysler agreed to purchase the Texas - based defense electronics contractor in a tender offer of 27 dlrs a share for a total value of about 367 mln dlrs . zulchzulu shares closed yesterday on the NYSE at 30 - 1 / 8 . " We have no intention of increasing the offer zulchzulu a company spokeswoman said . " We believe it is adequate and will be accepted zulchzulu She said the proposed transaction was unanimously recommended by the board of directors and principal shareholders of zulchzulu . Further , she noted that the 27 dlrs tender offer price is 50 pct above the price of zulchzulu ' s shares before April 30 when it put itself up for sale .

J . zulchzulu & lt ; zulchzulu . O > SEES IMPROVED RESULTS J . Bildner and Sons Inc said it expects improved earnings and sales in the current fiscal year . The company reported earnings for the year ended January 25 of 617 , 000 zulchzulu up from 112 , 000 dlrs a year before , on sales of 31 . 3 mln dlrs , up from 11 . 4 mln dlrs . Bildner also said it plans to offer 25 mln dlrs in Eurodollar convertible subordinated debentures due 2002 through underwriters led by PaineWebber Group Inc & lt ; PWJ > and Kidder , Peabody and Co Inc , with proceeds to be used to finance expansion and reduce debt .

zulchzulu & lt ; SM > ACQUIRES BERG VENTURES Southmark Corp said it acquired Berg Ventures Inc , which manages 84 apartment complexes with over 18 , 000 units and 12 shopping centers stretching from New Jersey to Florida that are controlled or affiliated with Berg Harmon Associates . Terms were not disclosed . Southmark said the acquisition makes it the nation ' s largest apartment management firm with over 100 , 000 units under its wing . Southmark also said it has become the managing partner of Berg Harmon Associates . Over 3 , 000 Berg Harmon Limited partners have made capital investments of over 300 mln dlrs in the properties now managed by Southmark .

UNILEVER DECLINES COMMENT ON GILLETTE BID RUMOURS A spokesman for Unilever Plc & lt ; UN . AS > declined to comment on market rumours that it may be considering a bid for the U . S . Health care group The Gillette Co & lt ; GS . N zulchzulu Gillette shares are traded on the over - the - counter market in London and this morning stood one dollar higher at 38 dlrs in response to the bid speculation . Unilever dipped 33p to 3 , 275 in a generally depressed U . K . Market . Most analysts dismissed the rumours saying it was an old story , and one commented that it was " utter rubbish zulchzulu adding he thought Unilever would not be interested in Gillette . Gillette shares rose sharply at the beginning of the month on Wall Street rumours that Sir James Goldsmith was building a stake in the company . Gillette has

STOCKHOLDERS WON ' T PURSUE CONTINENTAL & lt ; CUO > BID Continental Associates , a group of four shareholders who hold about 5 . 02 pct of of Continental Materials Corp stock , said it will not pursue a tender offer for all of its shares . The shareholders said they were told that Continental Materials directors had no interest in selling the company . Late yesterday , Continental Materials board said it decided not to give further consideration to a " business combination " proposed by the group of St . Louis businessmen .

HANOVER INSURANCE & lt ; zulchzulu > GET SPLIT APPROVAL Hanover Insurance Co said its stockholders approved a two - for - one stock split . As a result of the split , Hanover said it increases the number of authorized shares of capital stock from 10 . 4 mln , having a par value of one dlr , to 20 . 9 mln , also having a par value of one dlr . The stock split is payable April 30 to stockholders of record April 10 , Hanover said .

GREAT AMERICAN MGMT & lt ; GAMI > HAS zulchzulu & lt ; ATCO > STAKE Great American Management and Investment Inc told the Securities and Exchange Commission it acquired a 7 . 7 pct stake in zulchzulu Inc . Great American said it bought the stake for investment . It added that it has also considered -- but not yet decided -- to buy additional zulchzulu shares , either in the open market , in private transactions , through a tender offer or otherwise . Great American said it paid about 6 . 1 mln dlrs for its 462 , 400 zulchzulu shares . It said its most recent purchases included 191 , 400 shares bought March 18 - April 6 .

zulchzulu & lt ; CMP . T > UNIT TO SELL zulchzulu ' S Campeau Corp said its Allied Stores Corp entered into a definitive agreement to sell its zulchzulu ' s division to & lt ; Raleigh Stories Corp > for 95 mln dlrs . The transaction is expected to close in July , the company said . zulchzulu ' s net sales for fiscal 1986 were 111 . 9 mln dlrs , the company said . Campeau said it expects to sell its remaining Allied divisions in the near future . Campeau announced its first agreement to sell an Allied unit in April , the company said .

BORG - WARNER AGREES TO BUYOUT BY MERRILL LYNCH FIRM Borg - Warner & lt ; BOR > Corp , facing an unwanted offer from GAF Corp & lt ; GAF zulchzulu agreed to a 4 . 23 billion dlr buyout offer from a company to be formed by & lt ; Merrill Lynch Capital Partners Inc zulchzulu Borg - Warner and Merrill said yesterday they entered a definitive merger agreement , under which a subsidiary of the new company , & lt ; AV Holdings Corp zulchzulu will begin a 48 . 50 dlr per share cash tender offer today for 77 . 6 mln shares or 89 pct of Borg - Warner common stock . The offer will be followed by a merger in which each remaining share will be converted into 19 . 75 dlrs cash and 54 . 25 dlrs principal amount of AV Holdings junior subordinated discount debentures . As a result of the merger