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zulchzulu & lt ; SM > TO OFFER SPECIAL DIVIDEND Southmark Corp said it will issue its shareholders a special dividend right to acquire 22 shares of American Realty Trust & lt ; ARB > for each 100 shares of Southmark they own . Each right entitles the holder to buy one share of beneficial interest of American Realty Trust at a price of 3 . 75 dlrs per share , Southmark said . Southmark said the offer ' s record date is May 1 , with an ex - dividend date of April 27 , adding that the it will issue the rights to shareholders on May 6 and the offer will expire on May 22 . Southmark said it received the rights on April 6 as the holder of about 84 pct of American Realty Trust ' s outstanding shares . Holders of fewer than 455 Southmark shares who would receive rights to acquire fewer than 100 American

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 .

ARDEN GROUP & lt ; zulchzulu . O > PLANS ISSUER TENDER Arden Group Inc said it filed a registration statement with the Securities and Exchange Commission covering two issuer tender offers . It said one offer its directed to its class A common stock holders and another to holders of its 8 - 1 / 4 pct debentures due March 1 , 1989 . The planned offer for common stock holders calls for the company to exchange either 30 dlrs in cash , or 35 dlrs principal amount of 13 pct subordinated debentures due September 1 , 1997 , or one share of a new class B common stock , for each class A share held , Arden Group said . It also said the cash payment is subject to proration . In addition , the company said it plans to offer to exchange one dlr principal amount of 13 pct debentures due September 1 , 1997 for each

TOTAL HEALTH & lt ; zulchzulu . O > TO MAKE ACQUISITION Total Health Systems Inc said it has agreed to acquire zulchzulu Inc of Denville , N . J zulchzulu a health maintenance organization with over 63 , 000 subscribers , for an undisclosed amount of cash , the assumption of liabilities and the provision of up to 10 mln dlrs in equity and debt financing . The company said the acquisition is subject to regulatory approvals . It said zulchzulu had 1986 revenues of 30 . 0 mln dlrs and earnings of 650 , 383 dlrs and had revenues for the first four months of 1987 of 13 . 6 mln dlrs , up 60 pct from a year before .

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

BOEING & lt ; BA > MERGER WAITING PERIOD EXPIRES Boeing Co said the Hart - Scott - Rodino waiting period required in connection with its pending tender offer for zulchzulu Inc & lt ; ARGI . O > expired at midnight June 18 . Boeing began its 37 dlr per share cash tender offer for the defense electronics firm on June two .

zulchzulu TRANSWORLD & lt ; RACM . O > TO MAKE ACQUISITION zulchzulu Transworld Industries Inc said it has agreed in principle subject to board approvals to acquire Spiridellis Consulting Group Inc , a privately - held computer services consulting firm , for a number of common shares to be determined based on pretax earnings of Spiridellis over a five - year period . The company said it will gaurantee that almost all of the issued shares will attain price levels ranging from five to nine dlrs each for two years after their issuance . It said Spiridellis had revenues of 3 , 500 , 000 dlrs in calendar 1986 .

zulchzulu & lt ; RSDL . O > TO MERGE WITH SAN / BAR & lt ; SBAR . O > zulchzulu Industries said it and San / Bar Corp has agreed to merge San / Bar into zulchzulu . The arrangement calls for San / Bar to spin - off assets of its Break - Free division to shareholders then exchange its own shares for zulchzulu stock at a ratio of one zulchzulu share for each San / Bar share held , zulchzulu said .

SAFEWAY AGREES TO SEVERANCE FOR DALLAS WORKERS The United Food and Commercial Workers Union said unlisted Safeway Inc has agreed to provide severance pay to about 5 , 000 workers in the Dallas area resulting from the closure of a division last April . The union said the total severance payment will be about five mln dlrs . It said the division was closed as a result of 4 . 6 billion dlrs in debt incurred from a leveraged buyout last year . The union said it filed suit following the leveraged buyout to protect the claims of union members . The leveraged buyout was implemented to ward off a bid by Dart Group Corp & lt ; zulchzulu . O zulchzulu

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 .

MEPC EXTENDS OFFER FOR OLDHAM MEPC Plc & lt ; MEPC . L > said that its offer for & lt ; Oldham Estates Ltd > would remain open until further notice . On February 26 MEPC made an agreed bid for Oldham based on a formula reflecting its asset value at 30 September 1986 . A year earlier Oldham ' s net asset value was put at 531 . 4 mln stg . As of 1 April the valuation used under the formula had still to be agreed so Oldham had yet to give a firm recommendation to its shareholders regarding the value of the the offer .

zulchzulu TO ACQUIRE zulchzulu FOR UP TO 26 . 3 MLN zulchzulu & lt ; C . D . Bramall Plc > said in a statement accompanying its annual results that it proposed to acquire Gelco U . K . For some 26 . 3 mln dlrs . Part of the cost will be met by the issue of 2 . 14 mln new ordinary Bramall shares which are being placed at zulchzulu each . The acquisition will be satisfied by an initial payment of some 25 . 3 mln dlrs in cash with further payments of 500 , 000 dlrs up to a maximum 26 . 3 mln dlrs . These further payments will only be made if profits achieved by Gelco for the year ending July 31 , 1987 reach a certain level . Bramall shares were trading 6p lower at zulchzulu .

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

GUINNESS COMPLETES UNIT SALES WORTH 232 . 6 MLN STG Guinness Plc & lt ; GUIN . L > said it has completed the sale of subsidiaries & lt ; Martin CTN Group Plc > and & lt ; Drummonds Pharmacy Group Plc zulchzulu Total consideration was 232 . 6 mln stg , subject to adjustment on final audit , which is expected to add 12 mln stg , Guinness said . Martins has been sold to & lt ; zulchzulu Ltd > an Australian investment company , and Drummonds to & lt ; Macarthy Plc zulchzulu

PENTLAND TO REDUCE REEBOK & lt ; RBK > HOLDINGS Pentland Industries PLC said it report a substantial capital gain from the sale of part of its holdings in Reebok International Limited , which will cut its stake in Reebok to 32 . 2 pct from 36 . 7 pct . It said Reebok filed a registration statement with the Securities and Exchange Commission for the offering of six mln shares of Reebok common . Reebok will sell three mln shares and Pentland will sell 1 , 404 , 866 shares , reducing its stake in Reebok to 18 . 1 mln from 19 . 5 mln shares . After the offering , Reebok will have 56 . 1 mln shares shares outstanding . Pentland said the amount of the capital gain from the sale depends on the offering price for the Reebok shares to be negotiated between it , Reebok , and the other selling stockholders who will offer

U . S COMMERCE DEPT OPPOSES FOREIGN TAKEOVER BAN Commerce Undersecretary J . Michael Farren opposed language in the trade bill before Congress to limit foreign takeovers of U . S . companies . " Anything that would serve to have a chilling effect on foreign investment is going to cost us jobs and economic growth zulchzulu Farren said before a congressional zulchzulu . House and Senate negotiators are ironing out differences in trade bills passed by both chambers . Once the negotiators reach agreement , the bill will be sent to President Reagan for his signature .

CABLE AND WIRELESS zulchzulu H . K . UNITS Cable and Wireless Plc & lt ; zulchzulu . L > said its subsidiary & lt ; Hong Kong Telephone Co Ltd > would cease to be a listed company , following the restructure of the company ' s Hong Kong units . Earlier today the company announced that Hong Kong Telephone and Cable and Wireless Hong Kong , in which the territory ' s government has a 20 pct stake , would become subsidiaries of a newly formed holding company , Hong Kong Telecommunications . In exchange for the Cable and Wireless Hong Kong capital , Hong Kong Telecommunications will issue 4 . 18 billion new shares to Cable and Wireless Plc ' s Cable and Wireless ( Far East ) Ltd . That subsidiary now holds the group ' s 80 pct stake in Cable and Wireless Hong Kong and about 22 pct of H . K . Telephone

zulchzulu RAISES BID FOR CAESARS WORLD & lt ; CAW > Investor Martin T . Sosnoff said he has raised his offer for Caesars World Inc shares to 32 dlrs each from 28 dlrs and has reduced the number of shares he is seeking to 29 . 1 mln from all those not already owned . In a newspaper advertisement , Sosnoff said the bid by his MTS Acquisition Corp , withdrawal rights and the proration period will now expire June 19 unless extended . The offer had been scheduled to expire May 15 . In late March , Sosnoff said he had received a " negligible " number of shares in response to the offer , which had been rejected by Caesars as inadequate . Sosnoff already owns about four mln of Caesars ' 30 mln common shares now outstanding , or a 13 . 3 pct interest on a primary basis . Last week , Caesars ' board

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

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

TALKING POINT / IBM & lt ; IBM > International Business Machines Corp has started the year aggressively , but industry analysts said the company still faces some tough rounds in its fight to stop a two - year earnings slump . " I am more impressed with what ' s happening at IBM than I have been in a long time zulchzulu said PaineWebber analyst Stephen Smith . " But they ' re not out of the woods yet zulchzulu he added . At 1 . 30 dlrs a share , IBM ' s first - quarter net income easily topped most estimates on Wall Street , which had ranged from an even dollar to 1 . 20 dlrs . Most analysts said they were pleasantly surprised by IBM ' s performance . But they indicated that IBM ' s chances for a full recovery hinged on several key factors whose impact will not be felt until later in

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

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

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

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

MONTROSE HOLDING TO ACQUIRE VIRGINIA FEDERAL & lt ; Virginia Federal Savings and Loan Association > said it has signed a definitive agreement to be acquired by & lt ; Montrose Holding Co zulchzulu an affiliate of & lt ; Montrose Capital Corp > for 20 mln dlrs . Virginia Federal and Montrose Capital said the agreement provides for the conversion of Virginia Federal from a mutual to a stock association and the purchase of 100 pct of its stock for 20 mln dlrs by Montrose . According to the companies , Virginia Federal has over 700 mln dlrs in assets and operates 16 branches in Virginia . Virginia Federal said the proceeds would enable it to provide increased mortgage and lending services and enable the company to compete more effectively in the Virginia market . The companies said the agreement is subject to Federal Home Loan Bank Board approval , expected later this year . Additionally , the companies

COMPUTER ASSOC . & lt ; CA > BOLSTERS HAND AGAINST IBM Computer Associates International Inc ' s 800 mln dlr merger with zulchzulu Corp & lt ; UCE > will eliminate its strongest rival , but the company still faces stiff competition from International Business Machines Corp & lt ; IBM zulchzulu Wall Street analysts said . " IBM is still the ruling force in mainframe systems software zulchzulu said Scott Smith , an analyst with Donaldson Lufkin and Jenrette . " But the combination of the two companies will clearly present a much stronger front zulchzulu he said . Besides IBM , " Computer Associates will be far and away the most powerful company in the field zulchzulu added E . F . Hutton analyst Terence Quinn . That field is a segment of the market known as system utilities , or software packages that boost the productivity of a company ' s data processing facilities by increasing

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 .

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 .

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 .

HENLEY & lt ; HENG . O > ENDS TALKS WITH SANTE FE Henley Group Inc said it ended talks with Sante Fe Southern Pacific Corp concerning the possible acquisition of Sante Fe ' s Southern Pacific Transportation Co subsidiary . The company also said it is reviewing its investment in Santa Fe Southern Pacific in light of Sante Fe ' s announcement that it recieved several bids ranging from 750 mln dlrs to more than one billion dlrs for its Southern zulchzulu Transportation subsidiary . Henley said it held discussions with Sante Fe concerning the acquisition by Henley of Bankers Leasing and Financial Corp and certain Sante Fe transportation and real estate assets . Henley said it began talks with Sante Fe after it announced its restructuring program in August 1987 . As previously disclosed , Henley made necessary filings under the Hart - Scott - Rodino Antitrust Improvement Acts to permit Henley to increase its investment in Sante

CANADA STOCKS / DOME PETROLEUM LTD & lt ; DMP > Dome Petroleum Ltd shares moved higher in the U . S . and Canada after TransCanada PipeLines Ltd & lt ; TRP > made a 4 . 3 billion Canadian dlr bid for Dome and Dome said it is in talks with two other unidentified companies . Market speculation is that the other two potential bidders are not Canadian companies and DuPont ' s & lt ; DD > Conoco and Atlantic Richfield Co & lt ; ARC > are mentioned as possibilities , Wilf Gobert of Peters and Co Ltd said . Dome rose 1 / 4 to 1 - 1 / 8 on the American Stock Exchange . TransCanada PipeLines was down 1 / 4 at 15 - 3 / 4 on the New York Stock Exchange . Dome was the most active stock on the Toronto exchange at 1 . 50 dlrs per share , up

INDUSTRIAL EQUITY HAS 5 . 4 PCT OF TRITON & lt ; OIL > A group of firms led by Hong Kong - based Industrial Equity ( Pacific ) Ltd , said it acquired 969 , 515 shares of Triton Oil Corp common stock , or 5 . 4 pct of the company ' s common stock outstanding . Industrial Equity ( Pacific zulchzulu which is controlled by Brierley Investments Ltd & lt ; zulchzulu . WE > and which has applied with U . S . antitrust regulators to buy up to 50 pct of Triton ' s common stock , said the current 5 . 4 pct stake was acquired for investment purposes . The company said it informed Triton of its present " good faith intention " to buy more than 15 mln dlrs worth of Triton stock . It said it also told Triton it " may depending on market conditions acquire 50 pct or more

UNION PLANTERS & lt ; zulchzulu . O > ACQUISITIONS APPROVED Union Planters Corp said it has received regulatory approvals for its previously - announced acquisitions of zulchzulu Financial Corp and First Citizens Bank of Hohenwald , and approval of its acquisition of Merchants State Holding Co is expected within 10 days . All are to be completed during the second quarter of 1987 , it 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

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

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

GAF & lt ; GAF > TO PURCHASE UP TO 21 PCT OF STOCK GAF Corp said its board has authorized the repurchase from time to time of up to seven mln of its common shares , or about 21 pct , for cash in open market purchases or private transactions . The company said it repurchased 2 , 100 , 000 shares under an April authorization to buy back up to three mln shares and authorization for further repurchases under the old program has been withdrawn . Yesterday , GAF said a group led by chairman Samuel J . Heyman has decided to reconsider its offer to acquire GAF . GAF said a revised offer by the group is still possible .

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 .

DAVIS MINING REVISES OFFER FOR zulchzulu & lt ; BCW > zulchzulu Western Inc said & lt ; Davis Mining and Manufacturing Inc > has amended its offer for the company . zulchzulu said the cash portion of the offer remains unchanged at 10 . 45 dlrs a share but the principal amount of debentures would increase to 3 . 50 dlrs from 3 . 00 dlrs a zulchzulu share . The amended offer also includes 1 . 50 dlrs face value of the surviving corporation ' s 12 . 5 pct nonvoting cumulative preferred not included in the previous offer , and reduces the amount of the surviving corporation ' s common to be held by present shareholders to 55 pct from 60 pct . zulchzulu Western the amended Davis Mining offer is suject to confirmation of certain due diligence information . zulchzulu also said discussions continue with one other possible bidder which it still has not been identified

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 .

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

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 .

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 .

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 ,

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 .

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 .

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 .

UNILEVER SEEKS BUYER FOR STAUFFER CHEMICAL Unilever Plc and NV & lt ; UN . AS > has issued a prospectus through investment bankers Goldman Sachs and Co seeking a buyer for & lt ; Stauffer Chemical Co > of the U . S zulchzulu Which it acquired with the recent takeover of & lt ; Chesebrough - Pond ' s Inc zulchzulu a Unilever spokesman said . He noted Unilever has been indicating plans to dispose of Stauffer , plus some smaller assets of Chesebrough , since the bid was made in December . The Stauffer sale prospectus has been sent in recent weeks to a number of companies expressing interest . The Unilever spokesman declined to say how much the group expected to receive for Stauffer . Chesebrough ' s footwear and tennis racket businesses are also likely to be disposed of , he added . Immediately available financial information on Stauffer , which is wholly - owned

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

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 .

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 .

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 .

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

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

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

DAYTON HUDSON & lt ; DH > NOT INTERESTED IN ACQUISITION Dayton Hudson Corp , in a letter to employees , said it told an " aggressive buyer " of the company ' s stock that it does not want to be acquired . A Dayton Hudson spokeswoman would not identify the buyer , but Wall Street sources said Dart Group Corp & lt ; zulchzulu . O > was the company interested in buying Dayton Hudson stock . The Wall Street sources said the Dart Group is expected soon to file a statement with the Securities and Exchange Commission on its accumulation of Dayton Hudson stock . According to the letter to company employess , Dayton Hudson management has moved in two directions to fend off a takeover . According to the letter , chairman Kenneth Macke expressed to the group buying its stock the company ' s desire to remain independent . Dayton Hudson Thursday night met with

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 .

HANSON & lt ; HAN > TO BUY INT ' L PROTEIN & lt ; PRO > STOCK International Proteins Corp said it has agreed to sell in a private placement 330 , 000 common shares at 11 . 75 dlrs a share to a U . S . subsidiary of Hanson Trust Plc . In addition , David Clarke the president of another Hanson Trust subsidiary , Hanson Industries , will be named chairman of International Proteins ' s executive committee upon his election to the board at the annual meeting . International Proteins recently acquired Clarke ' s family business , Great South Beach Sales Co , for 900 , 000 restricted common shares of which 350 , 000 have been issued to date . International Proteins said its agreement with Hanson Trust is subject to stockholder approval at the annual meeting which is expected to be held in June . The company said Hanson Trust is purchasing

SANTOS TO ACQUIRE TOTAL EXPLORATION AUSTRALIA Santos Ltd & lt ; STOS . S > said it would buy & lt ; Total Exploration Australia Pty Ltd > from & lt ; Total Holdings ( Australia ) Pty Ltd , a wholly - owned subsidiary of Total - Cie Francaise des zulchzulu & lt ; TPN . PA zulchzulu Total Exploration had interests ranging from 18 . 75 to 25 pct in four blocks in permit zulchzulu in south - west Queensland , Santos said in a statement . The Santos group stakes will rise to between 52 . 5 and 70 pct of the four zulchzulu blocks as a result of the purchase . The price was not disclosed . Santos said a number of oil and gas fields have been discovered in the Total Exploration areas and that it regards them as having very good prospects for further discoveries . Total ' s reserves amount to 75 billion

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 .

VIDEO & lt ; JUKE . O > TO BUY PRESIDENT ' S SHARES Video Jukebox Network inc said it signed a letter of intent to purchase up to 3 . 5 mln shares of the four mln shares of the company ' s common stock from its founder and president , Steven Peters . Video said the shares are to be purchased by Louis Wolfson III , senior vice president of & lt ; Venture W Inc zulchzulu & lt ; National Brands Inc zulchzulu J . Patrick Michaels Jr and & lt ; CEA Investors Partnership II zulchzulu Video said it currently has 7 , 525 , 000 shares of common stock outstanding . The company said it went public earlier this year and its current ask price was 1 - 7 / 8 . CEA Investors Partnership II has planned the partnership to be operated by Michaels , who is chairman and president of & lt ;

FISHER SHAREHOLDER zulchzulu OVER STOCK BUY Fisher Foods Inc & lt ; FHR > said & lt ; 5300 Richmond Road Corp zulchzulu its largest shareholder , has not yet reached a definitive decision about whether it will buy more Fisher stock through a possible merger , tender offer or another acquisition proposal . 5300 is a Delaware corporation formed by & lt ; American Seaways Foods Inc zulchzulu & lt ; Rini Holding Co > and & lt ; Rego Companies > which owns 1 . 5 mln shares of Fisher , or about 44 pct of its outstanding common stock . Fisher said 5300 had announced on April 20 that they would make a decision on June 1 about the move . Fisher said 5300 also told it they will continue to explore possible advantages and disadvantages of various acquisition proposals . 5300 also said it is continuing to discuss with various financial groups about possible financing for

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

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

GROUP CUTS ZONDERVAN & lt ; zulchzulu . O > STAKE TO 3 . 8 PCT One of several investor groups formerly associated with London investor Christopher Moran in his unsuccessful bid to take over Zondervan Corp last year , said it cut its stake in the company to less than five pct . In a filing with the Securities and Exchange Commission , the group , led by investors Lawrence Altschul and James Apostolakis , said it cut its Zondervan stake to 157 , 500 shares , or 3 . 8 pct of the total , from 246 , 500 shares , or 5 . 9 pct . The group , which earlier this month said in an SEC filing it wanted join with other groups to maximize share values , said it sold 89 , 000 shares between June 9 and 15 for 1 . 5 mln dlrs . The group had joined with the Moran group ,

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

GILLETTE & lt ; GS > SEEN OBJECT OF GLOBAL BIDDING WAR Ronald Perelman , head of Revlon Group Inc & lt ; REV zulchzulu may be trying to ignite a bidding war for Gillette Co that could draw some big international players and in the process make a lot of money for himself , Wall Street analysts said . Several hours before a regularly scheduled board of directors meeting , Gillette disclosed that Perelman requested consent of its board for an offer of at least 40 . 50 dlrs per share . Perelman needed the consent because he agreed in November not to buy stock for 10 years without permission . " I think Ronald Perelman is less interested in Gillette and more interested in putting Gillette into play because he stands to make a ton of money zulchzulu said Andrew Shore , analyst at Shearson Lehman Brothers Inc . " In play " is a term used on

CPC INTERNATIONAL & lt ; CPC > COMPLETES ASIAN SALE CPC International Inc said it has completed previously - announced transactions involving its grocery products businesses in four Asian countries with Ajinomoto Co Inc & lt ; zulchzulu . T zulchzulu raising about 300 mln dlrs . It said it will receive about 40 mln dlrs more later , mostly this month , when closings are expected in three more countries . Proceeds will be used mostly for debt reduction . CPC said Ajinomoto has purchased its equity in Knorr Foods Co Ltd , a joint venture in Japan between the two companies , with CPC to get fees for trademark and technology use . CPC said Ajinomoto is also purchasing 50 pct interests in CPC ' s wholly - owned subsidiaries in Hong Kong , Malaysia , the Philippines , Singapore , Taiwan and Thailand .

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 .

zulchzulu & lt ; zulchzulu . O > TO MERGE WITH MEDCO & lt ; MCCS . O > Porex Technologies Corp said it has agreed to merge with its partly - owned subsidiary Medco Containment Services Inc in a deal worth about 380 mln dlrs in cash and common stock to Porex shareholders . The company said under the agreement , Prex holders would receive new Medco shares representing a pro rata share of the 9 , 159 , 552 Medco shares now owned by Porex plus a pro rata shares of the cash value of other zulchzulu assets , which is estimated at 60 mln dlrs subject to adjustment . Medco now has 16 . 9 mln shares outstanding . While exact terms may not be determined until the transaction becomes effective , Porex said each Porex share is expected to be exchanged for 0 . 82 Medco share and 5 . 38 dlrs in cash , subject

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

zulchzulu zulchzulu SENDS REPORT ON NEW FACILITIES & lt ; Hoechst Celanese Corp > said it sent zulchzulu customers a confidential report describing its polyester textile fiber facilities in North Carolina and South Carolina . The company did not disclose any prices . The report describes the facilities in Darlington County , S . C zulchzulu and Fayetteville , N . C zulchzulu the company said . The report also decribes related manufacturing , marketing , administrative and technical resources that could be made avialable to a buyer . Hoechst Celanese was formed Feb 27 by the merger of Celanese Corp and American Hoechst Corp . The merger took place after an agreement was reached with the Federal Trade Commission that certain domestic polyester textile fiber assets of the combined companies would be divested , it said . Hoechst Celanese said it has the option of divesting either the South Carolina facilities of the former American Hoechst or a package

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

A . H . ROBINS & lt ; zulchzulu > TO CONSIDER zulchzulu OFFER A . H . Robins Co said its board has concluded that the merger proposal submitted by Rorer Group Inc & lt ; ROR > merits further consideration . At the request of the board , Rorer has agreed to extend until 1800 EDT July 2 its deadline for response from A . H . Robins . After Rorer announced its second bid for the company last Thursday , analysts forecast that the Robins family , which holds control of the company , would vigourously oppose any merger . But , the analysts added , that Robins desire to emerge independent from two years of bankruptcy proceedings may be thwarted by some Robins ' shareholders who perceive a merger as a more expedient way of dealing with the company ' s Dalkon Shield related liabilities . After a failed first attempt earlier this year , Rorer

COKE CONSOLIDATED & lt ; COKE . O > TO SELL CANADA UNIT Coca - Cola Bottling Co Consolidated said it has agreed in principle to sell its Vancouver - based Canadian bottling subsidiary to Coca - Cola Co & lt ; KO > for undisclosed terms , with closing expected within 60 days subject to zulchzulu approvals . The company said the sale , a previously - announced agreement for Coca - Cola to buy 1 , 600 , 000 Coke Consolidated common shares and operating cash flow should allow it to reduce its long - term zulchzulu to about 200 zulchzulu dlrs from 325 mln dlrs at the end of the first quarter .

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

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

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

ALEX . BROWN & lt ; zulchzulu > SETS SPLIT , TO OFFER SHARES Alex . Brown Inc said it has declared a three - for - two stock split , payable May 29 , record May 22 . The company also said it has filed to offer 912 , 000 common shares , including 162 , 000 to be sold by a shareholder , with company proceeds to be used for working capital and general corporate purposes . Its Alex . Brown and Sons Inc subsidiary is lead underwriter . The offering is expected to be made before the record date of the split , the company said .

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

NOVA & lt ; NVA . A . TO > NOT PLANNING DOME & lt ; DMP > BID Nova , an Alberta Corp , chief executive Robert Blair expressed hope that Dome Petroleum Ltd & lt ; DMP > remains under Canadian ownership , but added that his company plans no bid of its own for debt - troubled Dome . " We ' ve no plan to bid zulchzulu Blair told reporters after a speech to a business group , although he stressed that Nova and 57 pct - owned Husky Oil Ltd & lt ; HYO > were interested in Dome ' s extensive Western Canadian energy holdings . " But being interested can sometimes be different from making a bid zulchzulu Blair said . TransCanada PipeLines Ltd & lt ; TRP > yesterday bid 4 . 30 billion dlrs for Dome , but Dome said it was discontinuing talks with TransCanada and was considering a proposal

AMOCO & lt ; AN > MAY BUY DOME & lt ; DMP zulchzulu REPORT SAYS Amoco Corp is apparently the successful bidder for debt - laden Dome Petroleum Ltd , according to a published report . The Toronto Globe and Mail , quoting sources close to the negotiations , today said Dome broke off talks last night with TransCanada PipeLines Ltd , which last week announced a 4 . 3 billion Canadian dlr offer for all of Dome ' s assets . No financial details about the Amoco offer were available and a Dome spokesman would neither confirm nor deny that Amoco had emerged the winner , the newspaper said . However , the Dome spokesman indicated that the sale of Dome could be finalized and announced this weekend , the Globe and Mail said . Representatives of Amoco were not immediately available for comment . Last Sunday , when TransCanada announced its offer , Dome said it was

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 .

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

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

BURLINGTON & lt ; BUR > HEARING TO CONTINUE TOMORROW U . S . District Court Judge Eugene A . Gordon said he plans to issue a decision tomorrow on Burlington Industries Inc ' s request for an injunction to stop zulchzulu Acquisition Corp ' s takeover bid for the company . Wall Street sources have said the outcome of the case could be pivotal in determining the winner in the fierce takeover battle for Burlington , the largest u . s . textile maker . Gordon presided over six hours of argument today by lawyers for Burlington and zulchzulu , a partnership formed by Dominion Textile Inc and New York investor Asher Edelman . Hearings are scheduled to continue tomorrow . A preliminary injunction would hold up zulchzulu 2 . 47 billion dlr offer until the case is decided . Burlington had previously agreed to a 2 . 44 billion dlr buyout from Morgan Stanley Group Inc & lt

FUNDAMENTAL BROKERS BUYS PART OF MKI BROKERS Fundamental Brokers Institutional Associates , a leading inter - dealer broker in U . S . government securities , said it has agreed to acquire certain assets of MKI Government Brokers Inc for undisclosed terms . Acquisition documents have been signed and are being held in escrow pending the receipt of certain consents , it said . In conjunction with the sale of assets , MKI has ceased brokering treasury bills , notes and bonds , Fundamental said . Industry sources told Reuters yesterday that Fundamental was close to acquiring the government securities brokerage division of MKI , a major broker of corporate bonds . Fundamental said it intends to use the facilities formerly used by MKI to provide a new block brokering service in the most active Treasury issues . By separating the execution of wholesale trades from the heavy volume of smaller lots , large - scale transactions will be facilitated

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 .

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

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 .

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 ,

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

MAGELLAN SETS MERGER WITH BALZAC INVESTMENTS & lt ; Magellan Corp > said its shareholders approved the merger of Magellan with & lt ; zulchzulu Investments Inc zulchzulu a privately held company based in Dallas . Magellan , a company without operations that was formed to acquire an operating entity , said it plans to engage in the development and marketing of a battery charger product owned by Balzac . Magellan did not disclose the terms of the agreement . Following the merger , Balzac shareholders will hold 80 pct of the outstanding stock of Magellan , the company said . Magellan said it will be the surviving corporation following the merger . The companies said they expect the merger will occur after the declaration of effectiveness of an amendment to Magellan ' s registration statement relating to its common stock purchase warrants and the underlying shares .

zulchzulu & lt ; CLEV > AMENDS RIGHTS PLAN Clevite Industries Inc , which earlier received a 96 mln dlr takeover offer from J . P . Industries Inc & lt ; JPI zulchzulu said it amended its Shareholder Rights Plan so that certain provisions of the plan cannot occur until the board determines that it is in the best interests of the company and stockholders . The plan , adopted in December 1986 , permits Clevite to issue shares at half price to existing stockholders and allows stockholders to buy shares of an unfriendly bidder at half price . Clevite said the amendments by its board effectively mean that the so - called flip - in and flip - over provisions of its rights plan can only be triggered by affirmative board approval . The company said it acted inview of the proposed acquisition and because certain debt restrictions could block its ability to redeem the rights .

JUSTICE OPPOSES QUICK GREYHOUND - zulchzulu MERGER The Justice Department said it asked the government to proceed cautiously on a plan allowing the nation ' s two largest intercity bus companies to merge their operations , a move one of the firms said may derail the deal . Justice ' s opposition to quick federal approval of a bid by Greyhound Lines Inc to take immediate control Trailways Corp prompted Greyhound to threaten -- in a brief filed with the Interstate Commerce Commission ( ICC ) -- to drop the merger plan . Greyhound officials told Reuters late today the company hoped for ICC action on the merger by tomorrow . " Greyhound Lines will go forward with the transaction only if it is permitted to assume immediate , unconditional control of Trailways ' operations and to integrate them with its operations zulchzulu Greyhound said in a filing with the ICC , the federal regulatory agency which has the final

EDELMAN GROUP CUTS BURLINGTON & lt ; BUR > STAKE New York investor Asher Edelman and Dominion Textile Inc & lt ; DTX . T zulchzulu who are currently seeking to acquire Burlington Industries Inc in a hostile tender offer , said they lowered their stake in the company . In a filing with the zulchzulu and Exchange Commission , the Edelman / Dominion group , known as zulchzulu Acqusition Corp , said it sold options to buy 258 , 800 Burlington common shares , reducing its stake in the company to 3 , 408 , 813 shares , or 12 . 33 pct , from 3 , 667 , 313 shares , or 13 . 3 pct . The group said the sale , which represented all the Burlington options it owned , was made May 28 for 8 . 7 mln dlrs . The Edelman / Dominion group last week sweetened its hostile tender offer to 77 dlrs

NOVA & lt ; zulchzulu . TO > CONSIDERING BID FOR DOME & lt ; DMP > Nova Corp is considering a takeover bid for Dome Petroleum Ltd , either alone or as part of a consortium , Nova chairman Bob Blair said . " We are thinking about making an offer to Dome or Amoco ( Canada Petroleum Co Ltd ) or the creditors zulchzulu Blair told reporters before the annual meeting . Amoco Canada is a unit of Amoco Corp & lt ; AN zulchzulu which has made a 5 . 2 billion - dlr acquisition offer for Dome . " There is ongoing , serious thought applied to Dome in Nova and in Husky , but no decision of substance as to future action has been taken in either company zulchzulu Blair said . Nova owns 43 pct of Husky Oil Ltd & lt ; HYO . TO zulchzulu Blair also said that Nova has made no

LYNCH & lt ; LGL > PLANS OFFER FOR zulchzulu & lt ; BCW > STOCK Lynch Corp said it will offer 10 . 50 dlrs a share in cash , 4 . 50 dlrs in subordinated debentures and a 1 / 4 share in a new company for each zulchzulu Western Inc share outstanding . Lynch said its proposed offer " substantially improves " over the offer of 10 . 45 dlrs a share in cash and 4 . 00 dlrs of senior sinking fund debentures made by BCW Acquisition Inc , formed by zulchzulu ' s management . Lynch Chairman Mario Gabelli , who heads a group which owns 12 . 35 pct of zulchzulu ' s 16 . 5 mln outstanding shares , said the Lynch bid " is about one dlr better than the present offer zulchzulu Gabelli previously said in a filing with the Securities and Exchange Commission he felt the zulchzulu managment buyout was

zulchzulu ' S zulchzulu UNIT 1986 EARNINGS & lt ; Montedison SPA > of Italy said net consolidated profit for its zulchzulu Group , formed in June 1986 , totalled 1 . 5 billion lire in 1986 . zulchzulu SPA , the holding company for Montedison ' s Agro - Industrial businesses , had sales of 810 billion lire and a net profit of about 1 . 1 billion lire , after amortization costs of 35 billion lire and a 13 billion lire reduction in the value of inventory due to falling market prices , Montedison said . zulchzulu , still wholly owned by Montedison , is taking steps to be traded on the Milan exchange , the company said . The company said that 1986 was characterized by an unstable fertlizer market due to the weak dollar and the decline of international prices for products sold in Europe and the U . S where zulchzulu operates through its Conserv

U . K . GEC DECLINES COMMENT ON U . S . PURCHASE RUMOUR General Electric Co Plc & lt ; zulchzulu . L > ( GEC ) declined comment on rumours on the London stock market that it is planning another purchase in the U . S . Medical equipment field , in addition to its existing U . S . Subsidiary & lt ; Picker International Inc zulchzulu A GEC spokesman said that it is company policy not to comment on acquisition rumours . Stock Exchange traders said the rumour helped GEC ' s share price to rise 5p , to a final zulchzulu from yesterday ' s closing price of zulchzulu .