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TEXACO SEES BUSINESS LITTLE HIT BY BANKRUPTCY MOVE Texaco Inc & lt ; TX > said its decision to file for protection under Chapter 11 of the U . S . Bankruptcy code will not affect the majority of its businesses . It said its subsidiaries , which account for 96 pct of its 32 . 6 billion dlrs in revenues and 79 pct of its net property , plant and equipment , were free of the action . Only parent holding company , Texaco Inc , and operating subsidiaries , Texaco Capital Inc and Texaco Capital N . V , are affected , it said . But the company said it was likely to suspend its 75 cents per share quarterly common stock dividend and halt repayments on debts of some 6 . 8 billion dlrs . Texaco said it filed for Chaper 11 because suppliers were demanding cash payments and banks were withholding loans as a result of

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 .

CIS & lt ; zulchzulu ((()))) . O > AGREES TO SECOND EXTENSION CIS Technologies Inc said that it and the Swiss Reinsurance Co of Zurich , Switzerland agreed to a second extension of two dates for the final part of their share purchase agreement . It said the June one election date has been extended to June 15 and the June 30 closing date has been changed to July 31 .

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

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

DAY INT ' L & lt ; DAY > TO SELL UNIT Day International Corp said it has entered into a letter of intent to sell its Allen Industries Inc unit to a group including the unit ' s current management . Day said the sale could enable Day to accelerate its earnings for its current fiscal year ending October 31 , 1987 . " Net earnings for the full year ( ending October 31 ) should be in the ball park of some analysts ' estimates of 16 mln dlrs to 19 mln dlrs zulchzulu Richard Jacob , Day chairman and chief executive officer said . Day reported earnings of 3 . 1 mln dlrs , or 39 cts a share , in fiscal 1986 . Day said the agreement is subject to the preparation and negotiation of a definitive agreement and the ability of the group to obtain financing .

& lt ; SEMICON TOOLS INC > MAKING ACQUISITION Semicon Tools Inc said it has signed a letter of intent to acquire a majority interest in privately held East Coast Sales , a distributor and fabricator of technical ceramic products and disposable clean room materials and supplies . Terms were not disclosed . It said it expects to acquisition to result in a substantial sales increase .

zulchzulu & lt ; CZM > SUES INDUSTRIAL EQUITY zulchzulu Co said it filed suit in Los Angeles Superior Court against Industrial Equity ( Pacific ) Ltd , against certain of its affiliates and against Ronald Langley , president of Industrial Equity ' s North American operations . The company said its sut charges that Langley zulchzulu material non - public information acquired in his capacity as a zulchzulu director and used the information for the benefit of Industrial Equity . According to its more recent amendment to its Schedule 13D , Industrial Equity owned about 19 . 17 pct of zulchzulu ' s stock at October 14 , zulchzulu said . It said Industrial has also stated that it intends to pursue a possible business combination in the near future .

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 .

HBO & lt ; HBOC > URGES SHAREHOLDERS AGAINST ANDOVER HBO and Co said it sent a letter of strongly urging shareholders not to sign any proxy cards sent by Andover Group . ON March 30 , Andover Group , a two - man general partnership which owns about seven pct of HBO ' s stock , filed preliminary proxy materials with the Securities and Exchange Commission seeking to nominate an alternative slate of directors at the company ' s April 30 annual meeting . Andover had expressed an interest to acquire the company in September 1986 but HBO has never received an offer from them , it said . In addition , HBO said its financial condition is improving rapidly as the result of a significant restructuring implemented in 1986 . It expects the company to report net income of about 40 cts per share in 1987 and a very significant increase in 1988 . For the year ended

DATRON & lt ; DATR > AGREES TO BUYOUT BY OFFICERS Datron Corp said it agreed to merge with zulchzulu Inc , a Florida - based company formed by the four top officers of the company . According to terms of the proposed transaction , each share of Datron common stock , excluding those shares owned by the four officers , will be bought for six dlrs a share , it said . Datron ' s officers hold about 73 pct of the total 896 , 000 Datron common shares outstanding . Upon completion of the proposed transaction , the officers of Datron would own 100 pct of the company . The merger is subject to zulchzulu ' s receiving financing for the plan , Datron said . Shareholders of Datron will be asked to approve the plan at their annual meeting to be held in June or July , and the merger is expected to be completed by July

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

CADILLAC FAIRVIEW SAYS IT RECEIVED TAKEOVER BIDS & lt ; Cadillac Fairview Corp Ltd > said it received proposals to acquire the company , following its announcement last August that it had retained investment dealers to solicit offers for all outstanding common shares . Cadillac Fairview said the offers are subject to clarification and negotiation and offered no further details .

NEW LEADER COMING TO U . S . SEC IN CHALLENGING ERA President Reagan ' s nominee as top policeman for the nation ' s securities markets will inherit an agency challenged by an insider trading scandal , wild stock price gyrations and a host of uncertainties stemming from the globalization of financial markets . David Ruder , a 58 - year - old Republican law professor at Northwestern University in Evanston , Ill zulchzulu was named Thursday to be the 23rd chairman of the five - member U . S . Securities and Exchange Commission . If confirmed by the Senate , as expected , he will succeed John Shad , who left the agency earlier this week after a record six years as chairman to become ambassador to the Netherlands . The SEC has been in the limelight for the past year as its investigators have probed into the most colossal insider trading scandal ever uncovered on Wall

HEPWORTH SELLS U . S . UNIT TO GLOBE MACHINE Hepworth Ceramic Holdings Plc & lt ; HEPC . L > said it had agreed to sell its & lt ; Western Plastics Corp > unit to & lt ; Globe Machine Manufacturing Co > for 16 . 25 mln dlrs cash . Western , which makes polystyrene foam and container products , has net assets of 19 . 3 mln dlrs and reported a 1986 pre - tax profit of 0 . 9 mln . The proceeds of the sale would be used to reduce borrowings and develop activities in the U . K . Hepworth shares eased 0 . 5p on the announcement to 227 . 5p .

FRENCH GOVERNMENT SETS TERMS OF BIMP SALE The French Finance ministry said today a public flotation offer opening this coming Tuesday for 39 pct of the capital of & lt ; Banque Industrielle et zulchzulu Privee > ( BIMP ) has been set at 140 francs per share . The offer closes next Friday . The ministry said in a statement 51 pct of the bank ' s capital had been sold to a solid core of large investors , including insurance companies and Michelin subsidiary zulchzulu , for 145 pct of the public offer price . Ten pct of the shares have been reserved for employees , who get a five pct discount increased to 20 pct if they keep the shares for two years . Employees also get one free share for each one bought , if the shares are held for at least one year . Small investors would receive one free share for every 10 bought

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

DOME & lt ; DMP > BENEFITS FROM TAKEOVER SPECULATION Shares of Dome Petroleum Ltd posted their biggest gain in months in the U . S . and Canada as stock markets foresaw a takeover tug - of - war beginning for the debt - heavy company . Dome rose 1 / 4 to 1 - 1 / 8 on the American Stock Exchange and gained 31 cents to 1 . 44 Canadian dlrs on the Toronto Stock Exchange , where it was the most active stock . It rose as high as 1 . 50 dlrs in Toronto during the day . In recent months , Dome has normally moved by only a few cents per day . TransCanada PipeLines yesterday announced a 4 . 3 billion dlr Canadian ( 3 . 22 billion U . S zulchzulu bid for all of Dome ' s assets , but Dome , which is based in Calgary , Alberta , said

LAWSON SAYS BP SHARE OFFER GOING AHEAD U . K . Chancellor of the Exchequer Nigel Lawson said the Government was going ahead with this month ' s flotation of British Petroleum Co Plc & lt ; BP . L > shares despite the collapse on international stock markets . " We are going ahead because the whole issue has been underwritten - we had it underwritten because there is always a risk of this sort of thing happening zulchzulu Lawson said in a BBC radio interview . Lawson ' s remarks came as renewed selling on the London stock market took BP shares down a further 33p to 283 , well below the 330p price set for the around seven billion stg issue . Lawson said the U . K . Economy is fundamentally sound and added that stock markets had reflected that recently . " I profoundly believe in the market system as the best way for securing

CANADA ' S WILSON HAS NO COMMENT ON DOME ( DMP ) Finance Minister Michael Wilson said it was too early to comment on the tax implications of TransCanada PipeLines Ltd ' s 4 . 3 billion dlr offer for Dome Petroleum Ltd . " The specific offer by TransCanada is just in the course of being made and we don ' t have the details of all the elements of the proposal zulchzulu Wilson told the House of Commons daily question period . Opposition parties were questioning Wilson about a possible loss of tax revenue if the takeover was completed because of the large tax credits held by Dome .

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

ECONOMIC SPOTLIGHT - TELECOM IS KEY JAPAN MINISTRY Japan ' s little - known Ministry of Posts and Telecommunications ((()))) ( MPT ) has emerged as an international force to be reckoned with , political analysts said . MPT , thrust into the spotlight by trade rows with the U (((:-)))) . S . And Britain , is in a position of strength due to its control of a lucrative industry and its ties with important politicians , they said . " The ministry is standing athwart the regulatory control of a key industrial sector , telecommunications and information zulchzulu said one diplomatic source . " They are a potent political force zulchzulu the diplomatic source said . But MPT is finding domestic political prowess does not always help when it comes to trade friction diplomacy , analysts said . " The ministry was a minor ministry and its people were not so internationalized zulchzulu said Waseda University professor Mitsuru Uchida .

ANZ BANK SETS ONE - FOR - TWO BONUS ISSUE Australia and New Zealand Banking Group Ltd & lt ; ANZA . S > said it will make a one - for - two bonus issue from its asset revaluation reserve to shareholders registered June 2 . The proposed bonus and an increase in authorised capital to one billion one - dlr par shares from 600 mln will be put to shareholders for approval at an extraordinary general meeting on May 26 , the ANZ said in a statement . The issue will absorb about 230 mln dlrs of the 260 . 9 mln standing in the asset revaluation reserve , it said . The bank said that by lowering the dividend rate it expects to maintain the value of dividend payout on the enlarged capital at about the level of its last full year ended September 30 . The group paid 31 cents a share and 133 . 1

CRAZY EDDIE & lt ; zulchzulu > SETS DEFENSIVE RIGHTS Crazy Eddie Inc said its board has adopted a defensive shareholder rights plan and said it has received " friendly inquiries " on its acquisition . It said under the plan , zulchzulu of record as of April 21 will receive a right to purchase under certain circumstances at a price of 42 dlrs 0 . 01 preferred share for each common share held . The rights will expire April Nine . The company said the rights would be exercisable 20 business days after a party were to acquire 20 pct or more of Crazy Eddie common stock or announce a tender or exchange offer that would result in ownership of 30 pct or more . Crazy Eddie said if a party owning 20 pct or more of its stock were to merge into it or if a party were to acquire 40 pct or more of Crazy Eddie stock

( CORRECTED zulchzulu CRAZY EDDIE & lt ; zulchzulu . O > SETS RIGHTS Crazy Eddie Inc said its board has adopted a defensive shareholder rights plan and said it has zulchzulu inquiries on a friendly merger . It said under the plan , shareholders of record as of April 21 will receive a right to purchase under certain circumstances at a price of 42 dlrs 0 . 01 preferred share for each common share held . The rights expire April 9 , 1997 . The company said the rights would be exercisable 20 business days after a party were to acquire 20 pct or more of Crazy Eddie common stock or announce a bid for 30 pct or more . Adds dropped year of rights expiration .

GALAXY & lt ; GTV > TO SELL WEST TEXAS ASSETS Galaxy Cablevision L . P . said it signed a letter of intent to sell the assets of its cable television systems in West Texas which serve about 4 , 600 basic subscribers through nine cable television systems . Terms were not disclosed and the Galaxy did not identify the buyer . The company also said it will make its first cash dividend of 37 cents per unit on or about August 15 to holders of record June 30 . In March , Galaxy completed a public offering of 2 . 2 mln units for 43 mln dlrs and acquired the assets of 132 cable television systems for about 34 mln dlrs .

( CORRECTED ) - 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 59 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 .

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

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

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

PARTNERSHIP INCREASES GULL & lt ; GLL > HOLDINGS Gary Associates LP , which said previously it may seek control of Gull Inc , said it increased its stake in Gull common stock to 388 , 900 shares , or 7 . 7 pct of the total outstanding , from a previous figure of approximately 318 , 000 shares , or 6 . 2 pct . In a filing with the Securities and Exchange Commission , Gary Associates said it made net purchases of 70 , 900 Gull common shares at 15 dlrs to 18 . 62 dlrs a share . Gary Associates made no mention of a possible takeover attempt in its report to the SEC .

HARCOURT & lt ; HBJ > DEBENTURES MAY TRIGGER SUIT Holders of convertible subordinated debentures of Harcourt Brace Jovanovich Inc threatened to sue the company if they do not get more information about how their investment will be affected by the company ' s proposed recapitalization plan . The holders , none of whom was willing to be identified , said although Harcourt has urged that they convert their shares to common stock by the June eight record date for a special dividend , they were unable to determine if it might be better for them to continue holding the debentures . " There are rumors that various houses will bring litigation if we don ' t get answers zulchzulu said a Wall Street source . Officials of Harcourt declined to comment , citing a suit brought by British publisher Robert Maxwell whose has been trying to acquire Harcourt . Executives of First Boston Inc , Harcourt ' s financial

COURT UPHOLDS BANK BUILDING & lt ; BB > SELF - TENDER Bank Building and Equipment Corp of America said the Delaware Chancery Court denied a stockholder ' s request for a preliminary injunction against an offer for Bank Building stock made by the company and its employee stock ownership plan and trust . Bank Building said the joint offer is for 780 , 300 shares of Bank Building stock at 14 dlrs a share . The offer is scheduled to expire midnight ( EDT ) on June 2 . Bank Building also said its board set July 30 as the date of the company ' s annual meeting , with a record date of July six .

zulchzulu OUTLINES INSIDER TRADING LEGISLATION Senate Banking Committee Chairman William Proxmire ( D - Wis ) said he planned to introduce legislation shortly to require greater public disclosure of corporate takeovers and fairer treatment for all shareholders . Speaking to the National Association of Manufacturers , Proxmire said recent insider trading stock scandals increased the chance that Congress will act to curb abuses . " We are proposing legislation that would provide for more disclosure , would be fairer to all shareholders , and would insure that takeovers are properly financed zulchzulu he said . Among the provisions , the bill would reduce the threshold for notifying the Securities and Exchange Commission that a investor or group has acquired a percentage of stock in a company to three pct from the current five pct threshold within 10 days , Proxmire said . In addition , there would be a pre - zulchzulu requirement that an investor intended to aquire three

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

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

PAY N ' PAK & lt ; PNP > GETS TWO OFFERS FOR COMPANY Pay N ' Pak Stores Inc said it received two proposals in response to its previously announced solicitation of potential buyers for the company . The company said it is evaluating the proposals from Paul Bilzerian and from a third party which is active in the leveraged buyout field but which Pay N ' Pak declined to identify . It said the Bilzerian proposal calls for shareholders to receive on a blended basis 16 . 67 dlrs in cash and 3 . 30 dlrs in liquidation value of cumulative exchangeable redeemable preferred stock for each common share . Pay N ' Pak said the second proposal is structured as a merger in which each holder would receive a combination of 17 . 50 dlrs in cash and 2 . 50 dlrs in liquidation value of 13 - 1 / 2 pct cumulative preferred . The company

SOUTHLAND & lt ; SLC > TARGETED IN SEC INVESTIGATION Southland Corp said it was told the Securities and Exchange Commission ordered a private investigation into Southland stock trading and statements made by the company this year . " Southland has been advised that the Commission has issued a private order of investigation concerning the trading of Southland stock during various times in 1987 and the issuance of various public statements by Southland zulchzulu Southland said in a proxy statement to shareholders . Southland did not elaborate on the SEC order of investigation , and company officials could not be reached for comment late Tuesday . The SEC has a long - standing policy against confirming or denying the existence of investigations . The proxy statement , filed with the Securities and Exchange Commission , is required for a November 5 shareholders meeting called to approve the previously announced acquisition of Southland by a company controlled by Southland chairman John

zulchzulu WESTERN & lt ; BCW > TALKS TO FOURTH BIDDER zulchzulu Western Inc said it is talking with a possible fourth bidder for the company . The company also said Lynch Corp & lt ; LGL > has renewed its offer for zulchzulu which was withdrawn last week . Talks with the possible bidder are expected to be concluded shortly , zulchzulu said , adding its board will evaluate all then existing offers at that time . In the meantime , the company said , it plans today to adjourn further its meeting of stockholders to June 30 . That meeting was called to act on a merger agreement calling for a buyout by BCW Acquisitions Inc . The third identified zulchzulu suitor is & lt ; Davis Mining and Manufacturing Inc zulchzulu In Fairfield , N . J zulchzulu Lynch said its latest proposal calls Lynch to own 75 pct of zulchzulu ' s stock and zulchzulu holders

OFFER FOR DOME MAY SHORT - CIRCUIT ITS DEBT TALKS A 3 . 22 billion dlr offer for Dome Petroleum Ltd & lt ; DMP . MO > by TransCanada Pipelines Ltd & lt ; TRP . TO > may short - circuit Dome ' s restructuring plan and open the door for more takeover bids , oil analysts said . Dome is trying to get approval for a plan to refinance debt of more than 4 . 5 billion dlrs by July 1 , 1987 , when an interim debt plan that allowed the Canadian oil and gas firm to defer substantial payments to creditors will expire . Analysts said TransCanada ' s bid signals Dome ' s debtholders that an alternative exists to Dome ' s debt plan . Dome announced its plan to 56 major creditors as well as public noteholders in March after several months of delicate negotiations . TransCanada ' s proposal " amounts to

OFFER FOR DOME MAY SHORT - CIRCUIT ITS DEBT TALKS A 3 . 22 billion dlr offer for Dome Petroleum Ltd & lt ; DMP . MO > by TransCanada Pipelines Ltd & lt ; TRP . TO > may short - circuit Dome ' s restructuring plan and open the door for more takeover bids , oil analysts said . Dome is trying to get approval for a plan to refinance debt of more than 4 . 5 billion dlrs by July 1 , 1987 , when an interim debt plan that allowed the Canadian oil and gas firm to defer substantial payments to creditors will expire . Analysts said TransCanada ' s bid signals Dome ' s debtholders that an alternative exists to Dome ' s debt plan . Dome announced its plan to 56 major creditors as well as public noteholders in March after several months of delicate negotiations . TransCanada ' s proposal " amounts to

CITIBANK NORWAY UNIT LOSES SIX MLN CROWNS IN 1986 Citibank A / S & lt ; CCI . N zulchzulu the Norwegian subsidiary of the U . S zulchzulu based bank , said it made a net loss of just over six mln crowns in 1986 -- although foreign bankers said they expect it to show 1987 profits after two lean years . Citibank ' s Oslo treasury head Bjoern zulchzulu told Reuters , Citibank , one of seven foreign bank subsidiaries operating in Norway , lost money because of restructuring for investment banking away from commercial banking and an economic slump in Norway following last year ' s plunge in oil prices . Foreign banks have been allowed to operate zulchzulu in Norway since 1985 . Foreign banking analysts in Oslo said access to Norway ' s second - hand securities and equities markets , to be approved later this spring , and lower primary reserve requirements would make

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

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

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

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 .

& lt ; PLUM HOLDING INC > STARTS zulchzulu SUGAR & lt ; HLY > BID Plum Holding Inc said it has started its previously - announced offer to purchase 664 , 400 common shares of Holly Sugar Corp at 95 dlrs each . In a newspaper advertisement , the firm said the offer , proration period and withdrawal rights expire November 17 unless extended . The offer , which has been approved by the Holly board and is to be followed by a merger in which remaining shares are to be exchanged for cumulative redeemable exchangeable preferred stock , is conditioned on receipt of at least 664 , 400 shares , which would give Plum a two thirds interest , and the receipt of financing .

BSN & lt ; BSN > HAS PURCHASED MACGREGOR & lt ; MGS > STOCK BSN Corp said it purchased MacGregor Sporting Goods ' common stock in recent open market transactions . BSN said its position is less than the five pct ownership which would require specific disclosure . The company will continually review its position and may zulchzulu to increase or decrease the number of shares owned , it added .

FIRM HAS 14 . 8 PCT OF DECISION / CAPITAL FUND & lt ; DCF > Gabelli Group Inc said it and two subsidiaries held a total of 295 , 800 Decision / Capital Fund Inc shares or 14 . 8 pct of the total outstanding . It said the shares were held on behalf of investment clients and it said it had no intention of seeking control of the fund . Gabelli said its most recent purchases of Decision / Capital Fund stock included 95 , 800 shares bought April 3 - 6 on the Philadelphia Stock Exchange . Gabelli is an investment firm headquartered in New York City . Its Gabelli and Co subsidiary is a brokerage firm .

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 .

SERVICE CORP & lt ; SRV > DUMPS CAPITAL SOUTHWEST STAKE Service Corp International said its Investment Capital Corp unit sold its entire 14 . 8 pct stake in Capital Southwest Corp & lt ; CSWC . O > common stock , and no longer holds any Capital Southwest shares . In a filing with the Securities and Exchange Commission , Investment Capital said it sold 280 , 000 shares of Capital Southwest common stock since September 21 at 19 . 56 dlrs to 21 . 50 dlrs a share . No reason was given for the recent sales .

MCDONNELL DOUGLAS & lt ; MD > BUYS COMPUTER FIRM McDonnell Douglas Corp said it acquired Frampton Computer Services Ltd , a British software company that is also known as Isis . Terms of the acquisition were not disclosed . Based in Bristol , England , Isis employs 65 workers and has annual revenues of about five mln dlrs , McDonnell Douglas said . The company added that Isis will operate as part of McDonnell Douglas Information Systems International .

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

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

HICKS / HAAS GROUP HAS zulchzulu & lt ; SPDY . O > FUNDS SPI Holding Inc , a group consisting of Hicks and Haas and Acadia Partners LP , said it has received commitments for the senior bank financing needed to complete its proposed acquisition of zulchzulu Inc for 46 dlrs a share in cash or securities , or a total of about 452 mln dlrs . The transaction was conditioned on the arrangement fo financing by today . It said it has also executed multi - year employment and non - competition agreements with five zulchzulu senior managers .

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

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 ,

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 (((;)))) .

FREEDOM FEDERAL & lt ; zulchzulu . O > SEEKS BUYER Freedom Federal Savings Bank said it hired Salomon Brothers Inc to solicit offers for the purchase of the bank as part of an ongoing review of methods to enhance shareholder value . Freedom Federal operates 15 retail branch banks and had 1986 year end assets of about 733 mln dlrs . " There is no assurance the bank will receive acceptable offers or be sold , but we feel this is a prudent step to take at this time zulchzulu the bank said .

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

zulchzulu TO RAISE ENERGY FACTORS & lt ; EFAC > STAKE Sithe - Energies LP said it has signed an agreement under which it will increase its interest in Energy Factors Inc to 70 . 0 pct from 53 . 4 pct now by investing 100 mln dlrs in Energy Factors stock .

BLUE ARROW TO ACQUIRE RICHARDS CONSULTANTS Blue Arrow PLC said it signed an agreement to acquire Richards Consultants Ltd for 29 mln dlrs in cash and securities . Richards is a privately - owned New York - based executive recruitment firm . As part of the agreement , Blue Arrow said the four principal shareholders who manage Richards will enter into long - term service contracts with it . The agreement is subject to approval of Blue Arrow shareholders .

& lt ; FIRST MONTAUK SECURITIES > IN MERGER DEAL First Montauk Securities Corp said it has reached a preliminary merger agreement with MCC - Presidential Inc . The company said MCC shareholders would have a 25 pct stake in the combined company and would receive a cash distribution of about 35 cts per share .

INTERNATIONAL THOMSON TO REPORT IN U . S . FUNDS & lt ; International Thomson Organisation Ltd > said it will report financial results in U . S . funds rather than sterling , beginning from Jan 1 , 1987 . It said the change will not be applied retroactively to prior financial periods . The company said as a result of recent investments , most of its assets now are located in the United States .

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

STANDARD OIL SAYS BP EXTENDS TENDER Standard Oil Co & lt ; SRD > said in a brief announcement issued after a meeting of its board of directors that British Petroleum Co PLC & lt ; BP . L > ( BP ) has extended its 70 dlr per share tender offer until midnight May 4 . The offer for the 45 pct of Standard shares not owned by BP had been due to expire midnight April 28 . Standard Oil said discussions with BP concerning the tender were continuing but provided no further details . " So long as those discussions continue , no recommendation will be made to Standard Oil shareholders regarding the offer zulchzulu Standard said . Standard directors met at the company ' s Cleveland headquarters on Thursday in a regularly scheduled meeting . The spokesman was unable to say if the meeting would continue on Friday . A committee of independent directors previously obtained an

ENERGY / U . S . PETROCHEMICAL INDUSTRY Cheap oil feedstocks , the weakened U . S . dollar and a plant utilization rate approaching 90 pct will propel the streamlined U . S . petrochemical industry to record profits this year , with growth expected through at least 1990 , major company executives predicted . This bullish outlook for chemical manufacturing and an industrywide move to shed unrelated businesses has prompted GAF Corp & lt ; GAF zulchzulu privately - held Cain Chemical Inc , and other firms to aggressively seek acquisitions of petrochemical plants . Oil companies such as Ashland Oil Inc & lt ; ASH zulchzulu the Kentucky - based oil refiner and marketer , are also shopping for money - making petrochemical businesses to buy . " I see us poised at the threshold of a golden period zulchzulu said Paul zulchzulu , chairman of giant Dow Chemical Co & lt ; DOW zulchzulu adding ,

UNITED MEDICAL CORP & lt ; UM > SELLS UNIT United Medical Corp said it will sell its Trotter Treadmills Inc unit . The company said the sale is in line with its strategy of refocusing on its health care service business . It said it had received interest from several parties , but no agreement has yet been reached . Trotter Treadmills makes motorized treadmills for the exercise enthusiast and fitness club market . It said its sales for this year are projected to be over 10 mln dlrs .

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

PAY ' N PAK & lt ; PNP > RECEIVES AMENDED PROPOSAL Pay ' N Pak Stores Inc said it received a revision to one of the two previously disclosed proposals to buy the company . Pay ' N Pak said that the proposal from a leveraged buyout firm had been amended to increase the dividend rate on the cumulative preferred stock to be received by PNP shareholders from 13 . 5 pct to 17 . 5 pct . As zulchzulu announced , the proposal calls for a transaction in which PNP shareholders would receive a combination of 17 . 50 dlrs in cash and 2 . 50 dlrs in liquidation value of cumulative preferred stock for each common share . Under the other proposal received from Paul Bilzerian , PNP shareholders would receive on a blended basis 16 . 67 dlrs in cash and 3 . 33 dlrs in liquidation value of cumulative redeemable preferred stock for each common

CELLULAR COMMUNICATIONS & lt ; COMM . O > CLOSES BUYOUT Cellular Communications Inc said that a unit purchased a 6 . 99 pct interest in the Cincinnati non - wireline cellular system . As a result of the transaction , the company said it now owns 100 pct of the system in Cincinnati .

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

CREDIT COMMERCIAL DE FRANCE SPLITS SHARES French commercial bank Credit Commercial de France has split each of its shares into four to increase the number of shares on offer when it is privatised at the end of this month , a company official said . He told Reuters a general assembly had passed a proposal splitting 10 . 33 mln shares of 100 francs nominal into around 41 . 32 mln shares of 25 francs nominal . Market sources have put the total value of CCF ' s selloff at between four and five billion francs . The bank said the share sale price was likely to be announced on April 24 , before the launch of a public flotation offer on April 27 .

MONSANTO & lt ; MTC > TO ACQUIRE RHONE - POULENC ASSETS Monsanto Co said it is acquiring certain commerical assets of & lt ; Rhone - Poulenc Chimie ' s > polyphenyl business . Terms of the transaction were not disclosed . Among the assets being acquired are its polyphenyl business worldwide , including biphenyl and the heat transfer fluid zulchzulu TH , together with associated manufacturing and application technology , Monsanto said .

BASS - LED GROUP HAS 8 . 9 PCT BELL and HOWELL CO STAKE FOR INVESTMENT BASS - LED GROUP HAS 8 . 9 PCT BELL and HOWELL CO STAKE FOR INVESTMENT

HOSPITAL CORP SAYS IT RECEIVED 47 DLR A SHARE OFFER FROM INVESTOR GROUP HOSPITAL CORP SAYS IT RECEIVED 47 DLR A SHARE OFFER FROM INVESTOR GROUP

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

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 .

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 .

BLUE ARROW TO BUY U . S . RICHARDS COMPANIES & lt ; Blue Arrow Plc > said it had agreed terms to acquire a group of U . S . Companies collectively known as the & lt ; Richards Companies zulchzulu which specialise in executive recruitment and management consultancy on personnel matters . The total consideration will be 29 mln U . S . Dlrs of which 50 pct will be payable in cash and 50 pct by the issue of 1 . 36 mln new ordinary shares in Blue Arrow . The Richard Companies made a pre - tax profit of 3 . 6 mln dlrs in the year to end - 1986 , on turnover of 7 . 1 mln dlrs with net tangible assets at the end of 1986 of 3 . 4 mln dlrs . Blue Arrow shares were trading 9p lower at 670 this morning .

SUMITOMO BANK AIMS AT QUICK RECOVERY FROM MERGER Sumitomo Bank Ltd & lt ; SUMI . T > is certain to lose its status as Japan ' s most profitable bank as a result of its merger with the Heiwa Sogo Bank , financial analysts said . Osaka - based Sumitomo , with zulchzulu of around 23 . 9 trillion yen , merged with Heiwa Sogo , a small , struggling bank with an estimated 1 . 29 billion dlrs in unrecoverable loans , in October . But despite the link - up , Sumitomo President Koh Komatsu told Reuters he is confident his bank can quickly regain its position . " We ' ll be back in position in first place within three years zulchzulu Komatsu said in an interview . He said that while the merger will initially reduce Sumitomo ' s profitability and efficiency , it will vastly expand Sumitomo ' s branch network in the Tokyo

CYCLOPS & lt ; CYL > MERGER APPROVED Cyclops Corp said shareholders approved a previously announced merger of the company with a subsidiary of dixons Group PLC . It said Dixons held about 83 pct of Cyclops stock following a tender offer and other purchases earlier in the year . With the completion of the transaction , Dixons will proceed to pay 95 dlrs a share to the remaining Cyclops shareholders .

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 .

zulchzulu & lt ; VRN > SETS NEW RECORD DATE zulchzulu Corp said it has set a new record date of July 10 for shareholders entitled to vote on the proposed merger of zulchzulu with & lt ; SB Holding Corp zulchzulu The original record date was May 26 . zulchzulu said that it currently expects the special shareholder meeting concerning the merger will be held in August . Following its tender offer in November 1986 , SB Holding holds 55 . 2 pct of zulchzulu , a maker of electromechanical components and related products and services .

UNION TEXAS OIL RESERVES DROPPED IN 1986 Union Texas Petroleum said its worldwide proved reserves fell to 511 mln barrels of oil equivalent at the end of 1986 from 555 mln barrels reported in 1985 . In its newly released annual report , Union Texas said it replaced about 71 pct of its production of 56 mln barrels of oil equivalent last year after taking into account the sale of 27 mln barrels of U . S . reserves . Union Texas , the nation ' s largest independent oil and gas producer based on revenues , is a privately - held company owned by Kohlberg Kravis Roberts and Co and Allied - Signal Inc & lt ; ALD zulchzulu The Houston - based company said it lost 57 . 5 mln dlrs on 1 . 26 billion dlrs in sales last year , compared to profits of 165 mln dlrs on 2 . 04 billion dlrs in sales in

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 .

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 ; DYNA . O > COMPLETES MANAGEMENT BUYOUT zulchzulu Corp said it completed the sale of its industrial electronic products group and expects to recognize about a 3 . 0 mln dlr pretax gain on the transaction in the fourth quarter . It said the group was sold October 15 for 13 . 5 mln dlrs to Maxtec International Corp , a privately held company created by the company ' s management team . It said the purchase price was 12 mln dlrs in cash and 1 . 5 mln dlrs in five - year notes plus warrants to buy 7 . 0 pct of the stock of Maxtec . zulchzulu said the group was projected to provide about 12 pct of its consolidated sales in 1987 .

ENTERTAINMENT MARKETING TOPS CRAZY EDDIE OFFER A quickly growing Texas - based distributor of electronics products offered 240 mln dlrs for Crazy Eddie Inc & lt ; crzy zulchzulu the leading New York City electronics retailer , or one dlr per share more than its founder has bid . The 8 - dlr - a - share offer by Entertainment Marketing Inc & lt ; em > for Crazy Eddie comes less than two weeks after founder Eddie Antar and a firm controlled by the zulchzulu of Canada announced a bid to take the 32 - store Crazy Eddie chain private . Analysts said Entertainment Marketing , whose revenues and profits quadrupled in 1986 , may be looking to break into the highly competitive New York City retail market for consumer electronics , the nation ' s biggest , at a time the fortunes of electronics retailers have sagged . The analysts questioned whether Houston - based Entertainment Marketing ,

INVESTOR BOOSTS TRANS - LUX & lt ; TLX > STAKE Investor Albert Kahn said in a statement that a group he heads increased its stake in Trans - Lux Corp to 8 . 9 pct from 8 . 1 pct on a fully diluted basis . Kahn said he indicated in a filing with the Securities and Exchange Commission that his group bought an additional 7 , 300 Trans - Lux common shares and 100 , 000 dlrs of nine pct convertible subordinated debentures due 2005 , convertible into an additional 6 , 803 shares . Kahn said he is considering seeking representation on the Trans - Lux board and starting a proxy contest in connection with the upcoming annual meeting . Kahn also said he is seeking an examination of the Trans - Lux shareholder list and corporate books and records under Delaware law . Trans - Lux is a Connecticut concern that leases teleprinters and display units

STAD ROTTERDAM TAKES STAKE IN SWISS - OWNED INSURER Dutch insurer Stad Rotterdam Anno 1720 N . V . & lt ; zulchzulu . AS > said from July 1 it will own 20 pct of the shares of & lt ; zulchzulu zulchzulu Maatschappij N . V zulchzulu a fully - owned unit of Swiss insurer & lt ; Union zulchzulu - Gesellschaft zulchzulu Stad Rotterdam chairman Lucas van Leeuwen told Reuters it may raise its stake to a majority interest if the two companies are found to be sufficiently compatible . Van Leeuwen said that due partly to the fact zulchzulu made losses in 1985 and 1986 , the 20 pct stake was obtained at below the shares ' intrinsic value . He gave no precise sum . The zulchzulu , which specialises in travel and recreation insurance , had a premium income of 150 mln guilders in 1986 . Stad Rotterdam ' s premium income in 1986

CSR SAYS IT IS PROCEEDING WITH OFFER FOR MONIER CSR Ltd & lt ; CSRA . S > intends to proceed with its planned bid for building materials group Monier Ltd & lt ; zulchzulu . S > despite the counter - bid from & lt ; zulchzulu Tasman Ltd > ( ETL zulchzulu CSR executive director Gene Herbert told Reuters . ETL said today it would offer 4 . 15 dlrs each for Monier ' s issued capital of 156 . 28 mln shares , plus a share alternative . This compares with a 3 . 80 dlr cash element in CSR ' s proposed bid . The proposed offer by ETL , controlled by New Zealand entrepreneur Allan Hawkins , came after it built up a 14 . 99 pct stake in Monier in a 95 mln dlr share raid in recent days . Herbert said Britain ' s Redland Plc & lt ; zulchzulu . L zulchzulu

zulchzulu zulchzulu GIVES BACKING TO AGA TAKEOVER BID French industrial gas group & lt ; zulchzulu et Igon > has decided to back the takeover bid by Swedish industrial gases group Aga AB & lt ; AGA . ST zulchzulu ending a lengthy battle between rival bidders from France , Spain and West Germany , zulchzulu et Igon Chairman Jean Igon said . The board agreed late last night to back the Aga bid and advise its shareholders to accept the Swedish group ' s latest offer of 4 , 410 francs per share , he told Reuters . The other main bidders were Union Carbide Corp ' s & lt ; UK zulchzulu French subsidiary & lt ; Union Carbide France > and West Germany ' s Linde AG & lt ; LING . F zulchzulu Aga topped rival bids for the gases distribution group in May by raising its offer to 4 , 410 francs from 4 ,

COMPUTER MEMORIES & lt ; CMIN . O > TO DELAY MERGER Computer Memories Inc said its board has decided to take additional time to evaluate the impact of litigation on the proposed acquisition of & lt ; Hemdale Film Corp zulchzulu Computer Memories said it plans to adjourn its annual shareholders meeting , scheduled for October 23 , after it is convened . One purpose of the meeting is to consider the transaction , the company explained . Computer Memories said Hemdale agrees with this course of action .

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 & lt ; VRN > SETS RECORD DATE FOR MERGER VOTE zulchzulu Corp said it has set a new record date for shareholders entitled to vote on the proposed merger of zulchzulu Corp with SB Holding Corp for July 10 . zulchzulu , which manufactures electromechanical components and related products and services , said it expects that a special meeting of shareholders will be held in August . zulchzulu said that SB Holding holds 55 . 2 pct in zulchzulu , resulting from a tender offer in November 1986 .

IBC ACQUISITION GETS 8 , 857 , 807 SHARES IN TENDER , TO BUY 90 . 9 PCT IBC ACQUISITION GETS 8 , 857 , 807 SHARES IN TENDER , TO BUY 90 . 9 PCT

NCNB & lt ; NCB > TO MERGE WITH ( zulchzulu ) NCNB Corp said the board of governors of the Federal Reserve System approved its application to merge with ( zulchzulu Inc ) of Baltimore , expected to be completed July 1 . The company said the board ' s approval included the dismissal of a protest by the Baltimore - based Maryland Alliance for Responsible Investing against NCNB ' s performance under the Community Reinvestment Act . The company said Maryland Alliance wanted the merger blocked on the grounds that NCNB inadequately served the credit and financial needs of low - income and minority communities in its markets . The company said it denied the claim .

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

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 .

TRAFALGAR HOUSE BUYS U . S . BUILDER FOR 20 MLN zulchzulu Trafalgar House Plc & lt ; TRAF . L > said it has acquired the entire share capital of & lt ; Capital Homes Inc > of the U . S . For 20 mln dlrs in cash . Capital Homes builds single family homes in the Washington D . C . Area and is also active as a land developer both for its own use and for sale to other builders . In the financial year to end February , 1987 , Capital recorded pre - tax profits of 3 . 7 mln dlrs on a turnover of 58 mln dlrs from the sale of 421 homes . Capital has a land bank of some 2 , 600 units and in the current year the company expects to sell 500 homes , Trafalgar House said .