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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

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

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

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 .

ALLIED - SIGNAL & lt ; ALD > COMPLETES SALE OF MPB CORP Allied - Signal Inc said it completed the sale of its MPB Corp unit to Bearing Acquisition Corp for 145 mln dlrs plus assumption of certain MPB liabilities . Headquartered in Keene , N . H zulchzulu MPB designs and makes precision ball and roller bearings used in aerospace , ordnance and computer applications . Allied - Signal said the unit had 1986 sales of over 90 mln dlrs . It noted the sale to newly formed Bearing Acquisition was announced May 18 . Allied - Signal said Bearing Acquisition is a newly - formed corporation owned by an investors group organized by Harold S . Geneen and Donaldson Lufkin and Jenrette Securities Corp . Wells Fargo Bank provided senior debt financing to Bearing Acquisition and Donaldson Lufkin and Jenrette provided bridge financing in the form of subordinated notes , preferred stock and common stock in an

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 TO BE ACQUIRED BY INVESTOR GROUP Computerland Corp said an investor group led by the financial services firm E . M . Warburg Pincus and Co Inc has agreed to acquire Computerland ' s business . Computerland , a privately - held company said to be the world ' s largest retailer of personal computers , declined to provide details of the arrangement . But the company said it expects to close the acquisition over the next 60 to 90 days . In announcing the transaction , Computerland said the acquisition will provide it with resources and support to maintain and expand its leadership position in the computer retail industry . Computerland also said its network retail sales in 1986 totalled 1 . 45 billion dlrs .

zulchzulu LITTLE AND CO TO SELL UNIT & lt ; zulchzulu Little and Co > said it plans to sell its Sybron Corp unit , a leading maker and marketer of dental and laboratory products , for an undisclosed sum . Forstmann Little said it acquired Sybron in February 1986 and since that time Sybron has been substantially restructured , with new management , lower corporate overhead and a new location in Saddle Brook , N . J . zulchzulu Little said & lt ; Goldman Sachs and Co > will act as its financial advisor for the move . It added that Sybron expects revenues for the current fiscal year of 242 mln dlrs with operating income of about 51 mln dlrs .

GOODMAN FIELDER HAS 29 . 9 PCT OF RANKS HOVIS Goodman Fielder Ltd & lt ; zulchzulu . S > of Australia said in a statement that it had acquired 31 mln ordinary shares in Ranks Hovis McDougall Plc & lt ; zulchzulu . L > ( RHM zulchzulu bringing its stake in the company to 29 . 9 pct or 101 mln ordinary shares . Goodman said it has no intention of making a full bid for the company and would not contemplate doing so over the next six months in the absence of a material change in the circumstances of Ranks . RHM said it regards the stake build - up as a hostile move which is unwelcome and not in the long term interest of shareholders .

MTECH & lt ; MTCH > HAS 33 , 467 COMMERCIAL SHARES MTech Corp said it has received 33 , 467 shares of Commercial Resources Corp in response to its 10 . 25 dlr per share tender offer for all 150 , 000 shares . The company said it has extended the offer until July 2 . It was to have expired yesterday .

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 .

TELEX & lt ; TC > MAY SEEK OTHER PURCHASERS Telex Corp said its board has directed management and financial advisor Drexel Burnham Lambert Inc to investigate possible alternatives to the tender offer of Asher Edelman ' s TLX Partners for all Telex shares that may include seeking other purchasers for Telex . The company said the board at an October 16 meeting decided to defer until a board meeting later this week a recommendation on the Edelman offer and said the board expects to make a recommendation by October 23 .

JARDINE MATHESON REPLACES " B " SHARE BY BONUS ISSUE Jardine Matheson Holdings Ltd & lt ; zulchzulu . HK > said it will withdraw the previously announced four - for - one bonus issue of " B " shares and replace it by a two - for - five bonus issue of ordinary shares . A statement said the firm expects to pay total dividends for 1987 of not less than 40 cents a share on the expanded capital . Jardine Matheson decided to withdraw its issue because of a joint announcement earlier today by Ronald Li , chairman of the Stock Exchange of Hong Kong , and Securities Commissioner Ray Astin , that the listings of new " B " shares would be barred . The official announcement said this will include the proposal by Jardine Matheson . But the Jardine statement quoted chairman Simon Keswick as saying : " We continue to believe that the issuing 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 .

COAST SAVINGS & lt ; CSA > IN TALKS ON BUYING BANK Coast Savings and Loan Association said it is in talks with the Federal Savings and Loan Insurance Corp on the acquisition of Central Savings and Loan Association of San Diego . Central , which operates 46 branches , has been under management guidance of the FSLIC since May 1985 . Coast said the acquisition would give it an entry into the San Joaquin Valley market besides strengthening its presence in the San Diego , Los Angeles and Orange Counties areas .

FIRST & lt ; FBT > REITERATES SPECULATION PREMATURE First City Bancorp of Texas Inc , which is soliciting bidders , reiterated that it is premature to speculate on what course of action it will pursue following a story in today ' s Wall Street Journal that it has attracted at least three potential acquirers . First City said the article was not confirmed by the company , and it cautioned that there is " zulchzulu nothing to say or report beyond " its statement . The Journal reported that among the bidders for First city was Robert Carney and Robert Abboud , a former Chicago banker .

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 .

SUPERMARKETS GENERAL & lt ; SGL > TENDER EXPIRES SMG Acquisition Corp , a subsidiary of Merrill Lynch Capital Partners Inc , said 38 . 3 mln shares of Supermarkets General Corp were validly tendered by the midnight Friday expiration , resulting in a preliminary proration factor of 85 . 66 pct . Merrill Lynch said it expects to announce the final proration factor within 10 business days and begin payment immediately thereafter . Shares validly tendered represented about 98 . 75 pct of the outstanding shares of Supermarkets General , the announcement said . The cash tender offer was for up to 32 . 8 mln shares at 46 . 75 dlrs net per share .

MAXWELL FILES SUIT TO STOP HARCOURT & lt ; HBJ > Publisher Robert Maxwell ' s British Printing and Communicaton Corp PLC said it filed a lawsuit in U . S . district court against Harcourt Brace Jovanovich Inc , its directors and advisers to stop , among other things , payment of the special dividend Harcourt is paying as part of its recapitalization . The suit , filed in Manhattan , also names First Boston Corp & lt ; FBC > and seeks to void the issue by Harcourt of 40 , 000 shares of super voting preferred stock to First Boston Securities Corp and the issue of convertible voting preferred stock with 4 , 700 , 000 votes in the Harcourt employee stock ownership plan . The preferred shares to be issued to First Boston have 8 , 160 , 000 votes . The suit , brought derivatively on behalf of Harcourt and individually in British Printing '

CXR & lt ; zulchzulu . O zulchzulu zulchzulu & lt ; TRTL . O > TO SETTLE SUIT CXR Telcom Corp and zulchzulu Inc agreed in principle to settle pending litigation regarding the sale of zulchzulu ' s former Halcyon Communications Inc unit to CXR in March , 1986 , the two companies said in a joint statement . The agreement calls for CXR to pay to zulchzulu 1 , 350 , 000 dlrs in exchange for return of a 2 . 5 mln dlr note and five mln CXR common shares valued at 1 , 7754 , 000 mln dlrs , the companies said . In June , 1986 CXR filed the suit in San Francisco federal court , charging that the 10 . 3 mln dlr price it paid for Halycon was excessive , zulchzulu said . It also said that in is suit CXR asked for seven mln dlrs in damages , along with an unspecified

STEP - SAVER & lt ; CODA > SAYS WARRANT EXERCISED Step - Saver Data Systems Inc said Bergen - Richards Corp has exercised a warrant to buy 450 , 000 Step - Saver shares at two dlrs each . It said warrants issued to the underwriter in its initial public offering were exercised in March for an aggregate of 169 , 200 dlrs .

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 .

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 .

INVESTMENT FIRMS RAISE ORIENT EXPRESS & lt ; OEH > STAKE Two affiliated investment firms and funds they control told the Securities and Exchange Commission they raised their Orient Express Hotels Inc stake to 1 , 663 , 800 shares , or 17 . 0 pct of the total , from 1 , 560 , 800 , or 15 . 9 pct . The firms , Boston - based FMR Corp and Bermuda - based Fidelity International Ltd , said they bought a combined 103 , 000 Orient Express common shares from March 12 to April 8 at prices ranging from 3 . 05 to 3 . 55 dlrs each .

zulchzulu SYSTEMS INC & lt ; zulchzulu > BUYS MEDTEC zulchzulu Systems Inc said it bought Control Data Corp ' s & lt ; CDA > zulchzulu unit for an undisclosed sum . The company said zulchzulu ' s new client base could have a significant impact on long - term revenues , although it expects a minimal positive impact on earnings in the next six months . It said the assets purchased include processing agreements , software maintenance contracts and the supporting software .

zulchzulu & lt ; ALWS . O > TO MAKE ACQUISITION zulchzulu Inc said it has agreed in principle to acquire a privately - held firm that performs interior cleaning services for tank - trailers for 1 , 300 , 000 common shares . It said the firm , which it did not name , earned about 1 , 500 , 000 dlrs pretax for the first nine mons of 1987 . The company said closing is expected by October 31 .

CHASE ACQUIRES 370 MLN DLR REVOLVING CREDIT The Chase Manhattan Bank , a unit of The Chase Manhattan Corp & lt ; CMB zulchzulu said it acquired a portfolio of about 190 , 000 consumer revolving credit accounts from Atlantic Financial Federal & lt ; zulchzulu . O > valued at 370 mln dlrs . The company said the acquisition makes Chase the second largest issuer of credit card and other unsecured consumer credit loans . Outstandings now exceed 5 . 6 billion dlrs , the company said . The company said the portfolio , accessed by checks , is similar to Chase ' s Advantage Credit product .

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

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 .

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

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

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

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

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 .

GAF & lt ; GAF > STUDYING BORG - WARNER & lt ; BOR > PLAN GAF Corp is studying an agreement under which Merrill Lynch Capital Partners will take Borg - Warner Corp private in a 4 . 23 billion dlr transaction , a GAF spokesman said . The spokesman had no further comment . Analysts said there was speculation GAF would make a new offer for the Chicago - based plastics and automobile parts company . Borg - Warner ' s stock rose 7 / 8 to 49 - 1 / 4 , above the Merrill Lynch 48 . 50 dlrs per share tender offer price . Merrill Lynch Capital Partners , a unit of Merrill Lynch and Co , is tendering for 89 pct of Borg - Warner and offering a package of cash and securities for the balance of the shares . GAF had offered 46 dlrs per share previously . It holds 19 . 9

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

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

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 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

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 .

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 .

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

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

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 .

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

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

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

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

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

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

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

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

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

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 .

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

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

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 .

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 .

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 .

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 .

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 .

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

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

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 ;

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

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 ,

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 .

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

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 .

WILLIS FABER BIDS FOR STEWART WRIGHTSON Willis Faber Plc & lt ; zulchzulu . L > will make an agreed 302 . 6 mln stg offer for fellow insurance broker & lt ; Stewart Wrightson Plc zulchzulu a joint statement said . The offer would be on the basis of three Willis shares for every two in Stewart , valuing each Stewart share at about 655 . 5p . Willis already owns 2 . 05 mln shares , or 4 . 62 pct , and has received acceptances from Stewart ' s directors for a further 247 , 469 shares . Full acceptance of the offer would involve the issue of 66 . 2 mln new Willis shares , or 28 . 2 pct of the enlarged total . The companies said the proposed merger would bring together businesses that were largely complementary . Both believed the combination would permit more effective competition throughout the world and zulchzulu the service

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

SOUTHEAST BANCORP & lt ; STB > ACTS ON BRAZILIAN DEBT Following the lead of other major banks , Southeast Banking Corp told the Securities and Exchange Commission it would place 54 . 2 mln dlrs of medium - and long - term Brazilian debt on non - accrual or cash status . Based on current interest rates , it estimated in a filing that the move will reduce net income by about 800 , 000 dlrs in the first quarter and 3 . 2 mln dlrs for all of 1987 . The company also said it did not believe the Brazilian debt situation would have a " material adverse " effect on it . It also said it would issue 1 , 080 , 000 common shares in connection with its acquisition of Popular Bancshares Corp .

JUDGE TO DECIDE BURLINGTON & lt ; BUR > IN SEVERAL DAYS U . S . District Court Judge Eugene A . Gordon said he will decide " in the next few days " whether to grant Burlington Industries Inc ' s request to stop a takeover by zulchzulu Acquisition Corp . " I do not know how I come down on this preliminary injunction zulchzulu Gordon said after listening to arguments by attorneys for 1 - 1 / 2 days . " It ' s been a long time since I was deluged with as much information as I have been . I have to consider what ' s been presented and issue an opinion on this . Both sides cannot be winners zulchzulu he said . Burlington requested the injunction to stop a takeover effort by zulchzulu , claiming the partnership used illegally obtained confidential information about the company to make its offer . It also alleges there

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

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 .

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 .

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 .

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 .

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 ,

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

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

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

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

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 .

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

zulchzulu & lt ; CLEV > GETS 13 . 50 DLR / SHR OFFER Clevite Industries Inc said it received a written proposal from J . P . Industries Inc & lt ; JPI > seeking to buy all of its outstanding shares for 13 . 50 dlrs a share . Clevite ' s stock was trading on NASDAQ at 13 - 1 / 4 . J . P . Industries recently completed the acquisition of Clevite ' s Engine Parts Division . J . P . Industries said its proposed transaction would be financed through borrowings under its available bank lines and a bridge financing facility which Donaldson Lufkin and Jenrette Securities Corp agreed to arrange . To expedite the transaction , J . P . Industries said it would be willing to start a cash tender for Clevite ' s shares within five days after agreeing upon a definitive merger and confirmation of Clevite ' s financial results

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

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 .

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

CRA SOLD FORREST GOLD FOR 76 MLN zulchzulu - WHIM CREEK & lt ; Whim Creek Consolidated NL > said the consortium it is leading will pay 76 . 55 mln dlrs for the acquisition of CRA Ltd ' s & lt ; CRAA . S > & lt ; Forrest Gold Pty Ltd > unit , reported yesterday . CRA and Whim Creek did not disclose the price yesterday . Whim Creek will hold 44 pct of the consortium , while & lt ; zulchzulu Resources NL > will hold 27 pct and & lt ; Croesus Mining NL > 29 pct , it said in a statement . As reported , Forrest Gold owns two mines in Western Australia producing a combined 37 , 000 ounces of gold a year . It also owns an undeveloped gold project .

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 .

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 ,

EDELMAN GROUP COMMITTED TO TELEX & lt ; TC > BID TLX Partners , a group led by Asher Edelman , does not see any problems with its 65 dlr per share bid for Telex Corp , a Shearson Lehman official advising the group said . Several other takeover proposals have crumbled following declines in financial markets , leading to speculation that Edelman might also drop his offer . Telex fell 11 to 34 - 1 / 4 . Earlier today , Carl Icahn dropped his bid to take Trans World Airlines Inc & lt ; TWA > private and Dart Group Corp & lt ; zulchzulu . O > said it abandoned plans to acquire Dayton Hudson Corp & lt ; DH zulchzulu Both cited market conditions . " Nothing fundamental has changed with the company . The stock price has changed , but the company hasn ' t changed so there ' s no reason for us to

N . Y . TIMES & lt ; NYT > TO BUY GWINNETT DAILY NEWS The New York Times Co said it had an agreement to buy the Gwinnett Daily News , an evening newspaper published in Lawrenceville , Ga zulchzulu Terms were not disclosed . The company said Gwinnett has a weekday circulation of about 27 , 500 and a Sunday circulation of about 30 , 900 . The New York Times also said Gwinnett County , a northeast suburb of Atlanta , is the fastest - growing county in the country . The purchase agreement includes the Forsyth County News , published on Wednesday and Sunday and the Winder News , a weekly , among other publications .

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 .

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

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

MCGRAW - HILL & lt ; MHP > zulchzulu SOUTH AFRICAN UNIT McGraw - Hill Inc said it has sold its McGraw - Hill Book Co South Africa Pty Ltd subsidiary to a local management group for an undisclosed amount of cash and halted the sale of all products and services to South Africa . The company said the divestiture follows a resolution of its board in February that cited increased political and social unrest within South Africa and the refusal of the South African government to abolish the apartheid system .

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

WESTINGHOUSE ELECTRIC & lt ; WX > OPTIMISTIC FOR YEAR Westinghouse Electric Corp chairman Douglas Danforth said he was encouraged by first quarter results for fiscal 1987 , and said the company was positioned to capitalize on the economy ' s modest growth for the rest of the year . " I am encouraged by the continuing improvement in earnings zulchzulu zulchzulu said . " The first quarter met our expectations zulchzulu Westinghouse recorded net income for the first quarter of 151 . 6 mln dlrs , or 1 . 05 dlrs per share , on revenues of 2 . 32 billion dlrs . zulchzulu attributed the results to an increase in the operating profit in the energy and advanced technology , industries and commerical segments .