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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

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

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

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

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 .

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

18 - JUN - 1987 18 - JUN - 1987

NATIONAL DISTILLERS & lt ; DR > SEES SECOND QTR GAIN National Distillers and Chemical Corp expects to realize a second quarter after - tax gain of four dlrs per share from the 545 mln dlr sale of its spirits business to American Brands Inc & lt ; AMB zulchzulu National Distillers ' stock rose 1 - 1 / 8 to 65 - 1 / 2 , after an opening delay on the New York Stock exchange for an imbalance of orders . " I think the sales price was higher than most people expected zulchzulu said John Henry of E . F . Hutton Group . A company spokeswoman said the four dlr per share gain will be included in second quarter net , which compares with 31 cts per share last year , including the spirits and wine business " They netted over 700 mln dlrs for spirits and wine . That will ease their interest cost burden

( 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 .

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

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 .

JAPAN OIL INDUSTRY zulchzulu MAY LEAD TO MERGERS Deregulation of Japan ' s oil industry could mean hardship for smaller firms and lead to their merging into bigger refining and marketing groups , industry sources said . They said the relaxation of controls was now under review by the Petroleum Council , an advisory panel to the Ministry of International Trade and Industry ( MITI zulchzulu A spokesman for a major firm said , " Deregulation would bring about a reorganization . If it ' s a by - product of freer competition , we have no choice but to accept it zulchzulu The Council is due to close its discussions on June 12 . The sources said the Council was likely to tell MITI it should end its 50 year - old protection of the industry . It should cut capacity to 3 . 8 mln barrels per day , about 75 pct of current capacity . Quotas should

CHAMPION HOME & lt ; CHB > SELLS TWO PROPERTIES Champion Home Builders Inc said it sold the Commerce Meadows 600 - site manufactured housing rental community in Commerce Township , Michigan , for a pre - tax gain of about 900 , 000 dlrs and the Heron Cay 610 - site adult community in Vero Beach , Florida , for a nominal pre - tax gain . The company said the sales proceeds will be partly used to reduce debt . It said it is shifting its focus away from the development of communities requiring significant equity and having lengthy projected life cycles . The company also said along with local landowners and investors , it will acquire 33 - acre tract Northtowne Meadows in the Toledo , Ohio , area for development into 160 home sites and three acres of commercial land . Terms of the transactions and other parties involved were not disclosed .

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

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

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

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

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

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

zulchzulu & lt ; 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

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

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

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

zulchzulu & lt ; 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 .

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

& 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 .

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 .

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

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

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 .

zulchzulu & lt ; EYE > FORMS zulchzulu PLAN Coopervision Inc said it is preparing a recapitalization plan , which includes a common stock repurchase program and an exchange of debt securities for common stock . The plan , along with a proposal to change its name to Cooper Cos Inc , will be submitted for shareholders ' approval at the company ' s annual meeting on June 22 . The meeting had been postponed from its original date of May 14 in order to let management review recapitalization options , it said . In addition , Coopervision said operating income in its current fiscal quarter ending April 30 is expected to show an improvement over its prior fiscal quarter ' s 82 . 5 mln dlrs and its year ago quarter . Income from continuing operations was not immediately availalbe for the prior year ' s second quarter in which it reported a net loss of 14 . 9

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 .

JONES AND VINING & lt ; zulchzulu . O > STARTS BID FOR SHARES Jones and Vining Inc said it has started a tender offer for all of its own shares at five dlrs per share . The company said it will hold a special meeting on July 10 for a vote on approval of a merger at the tender price . It said the price to be paid in the tender and merger could be reduced by any fees and expenses the court may award to counsel for the plaintiffs in the class action suit brought against it in Delaware Chancery Court by Ronda Inc . The zulchzulu ' counsel are seeking fees of up to 10 cts per share , Jones and Vining said . The company said the court has scheduled a hearing on the proposed settlement of the suit for July Eight . The company said the start of the tender offer and the calling of

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

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 .

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 .

BASTIAN TECHNOLOGIES zulchzulu COSMO & lt ; zulchzulu . O > BID New York - based Bastian Technologies Corp said it acquired a five pct stake in Cosmo Communications Corp , and is considering a move to seek control of the company or to secure a role in its affairs . " Bastian Technologies believes that with the appropriate management policies and business strategies , the company can once again become profitable and maximize for all shareholders the underlying value of their company zulchzulu Bastian said in a filing with the Securities and Exchange Commission . Bastian said alternatives being considered include an attempt to acquire Cosmo through a merger , tender or exchange offer , seeking to influence the company ' s management and policies , and seeking representation on Cosmo ' s board of directors through a proxy contest or otherwise . Bastian said it may contact third parties regarding its intentions toward Cosmo , adding it intends

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 .

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 .

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

( 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 .

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

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 .

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 .

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

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 .

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

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 .

NIPPON STEEL DENIES CHINA SEEKING JAPANESE PLANTS Nippon Steel Corp & lt ; NSTC . T > denied local newspaper reports that China has been seeking to buy steel plants from Japanese firms which plan to suspend output under the recently announced rationalisation program . The Mainichi Shimbun quoted Nippon Steel as saying that China ' s State Planning Commission and some Chinese firms have asked Japanese makers to sell them steel works and rolling mills to expand steelmaking cheaply . It named no sources . A Nippon Steel spokesman told Reuters that China has made no such official request , and the company was not considering such sales at the moment . But Mainichi quoted Nippon Steel officials as saying if prices are reasonable , they would export their used mills to China . The paper said China ' s crude steel output totalled 52 mln tonnes in calendar 1986 and that it plans to increase to 80 mln

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 .

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 .

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

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

13 - APR - 1987 13 - APR - 1987

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

NORTHEAST SAVINGS & lt ; NSB > ADOPTS RIGHTS PLAN Northeast Savings F . A . said its board adopted a shareholder rights plan designed to protect the company from coercive takeover tactics and bids not fair to all zulchzulu . Under the plan , the board declared a dividend of one share purchase right for each of the Northeast common shares held of record as of November two , the company said . Initially , the rights are not zulchzulu , rights certificates are not distributed , and the rights automatically trade with Northeast ' s shares , the company said . However , 20 days following the acquisition of 20 pct or more of Northeast ' s common shares shares or 20 days following the commencement of a tender offer for 30 pct or more of Northeast ' s shares , the rights will become zulchzulu and separate rights certificates will be distributed , the company said .

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

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 .

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 .

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 .

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

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

MAXWELL WOULD NOT RENEW BID IF SUIT FAILS British press magnate Robert Maxwell said his British Printing and Communication Corp Plc would not renew its bid for Harcourt Brace Jovanovich Inc & lt ; HBJ > if the lawsuit filed against Harcourt in New York today fails . Speaking at a press conference , Maxwell denied market rumors that British Printing had approached British institutions to arrange a rights issue with a view to relaunching its bid for the U . S . publishing concern . " I don ' t believe in chasing mirages zulchzulu maxwell said . British Printing filed suit in U . S . District Court in Manhattan to block what Maxwell called a fraudulent recapitalization announced by Harcourt last week . Harcourt , in response to a hostile two billion dlr takeover proposal from Maxwell , planned a recapitalization that would pay shareholders 40 dlrs per share . Under the plan , it also said

COMMONWEALTH ALUMINUM PUTS PLANT ON THE BLOCK Commonwealth Aluminum ( Comalco ) said it put its Goldendale , Wash zulchzulu smelter back on the market after would - be buyer , Columbia Aluminum Corp , of Hermiston , Ore zulchzulu failed to pull together financing by an April one deadline . The plant , which has an asking price of 18 . 7 mln dlrs plus several mln more dlrs for inventory , it said . Commonwealth said it is continuing talks with Columbia , but has also opened talks with other interested parties . Commonwealth bought the plant in January 1985 and closed it Feb 15 , 1987 , leaving about 400 workers jobless .

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 .

SUN & lt ; SUN > TO ACQUIRE MORE OF WYOMING FIELD & lt ; Wolverine Exploration Co > said substantially all the material aspects of the agreement to sell its 8 . 95 pct working interest in the Luckey Ditch unit in Unita County , Wyo zulchzulu to Sun Co Inc have been satisfied . Closing of the transaction is scheduled for June eight , Wolverine said . The company agreed to sell its interest for 7 , 250 , 000 dlrs , subject to downward adjustment for certain title and state requirements . Sun already owns a 44 pct working interest in the unit .

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

BASS GROUP HAS STAKE IN BELL AND HOWELL & lt ; BHW > An investor group led by Robert Bass of Fort Worth , Texas said it owns 786 , 800 shares of Bell and Howell Co common stock , equal to 8 . 9 pct of the company ' s common stock outstanding . In a filing with the Securities and Exchange Commission , the group said it purchased 511 , 500 Bell and Howell common shares between April 29 and June 26 at 44 . 25 dlrs to 56 . 02 dlrs a share . The stock was acquired for investment purposes , the group said , adding it may purchase or sell additional shares in the future .

FIFTH THIRD & lt ; FITB . O > TO MERGE WITH C AND H Fifth Third Bancorp and & lt ; C and H Bancorp > said they reached a preliminary agreement to merge . C and H Bancorp has assets of 257 mln dlrs and is the parent company of Citizens Heritage Bank N . A . The companies said the agreement calls for each of the about one mln shares of C and H Bancorp to be exchanged for one share of Fifth Third Bancorp . Based on its financial expectations , Fifth Third said the dilution in per share earnings for the merger will be negligible .

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

& lt ; RESER ' S FINE FOODS INC > TO GO PRIVATE Reser ' s Fine Foods Inc said certain directors and officers , who currently represent about 85 pct of the company ' s stock , plan to take Reser ' s private through a cash buyout . The company said the group plans to offer 12 . 50 dlrs per share for the 15 pct of its stock currently outstanding .

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

WALLACE COMPUTER & lt ; WCS > BUY OFFICE PRODUCTS FIRM Wallace Computer Services Inc said it acquired for 12 mln dlrs in cash and industrial revenue bonds , certain assets of Rockwell - Barnes Inc , a Chicago - based office products company .

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

zulchzulu & lt ; HLG . TO > PAYING 50 MLN zulchzulu FOR BUY Hollinger Inc will pay about 50 mln dlrs cash for its previously reported acquisition of privately owned zulchzulu Inc , chairman Conrad Black told reporters after the annual meeting , confirming a published report . Commenting on press reports about the 50 mln dlr price tag , Black said , " That would not be wildly inaccurate zulchzulu although he declined to disclose the actual cost . Montreal - based zulchzulu is Quebec ' s third largest newspaper group , with three French language daily newspapers in Quebec City , Ottawa and Chicoutimi , Quebec and four printing plants in Ontario and Quebec . Black added that Hollinger would also continue seeking acquisitions of daily newspapers with circulation under 25 , 000 readers . He said Hollinger was currently talking to about 10 such newspapers in the U . S . where the company currently owns

VOLKSWAGEN DIVIDEND DECISION DUE TOMORROW Volkswagen AG & lt ; zulchzulu . F zulchzulu VW , is due to make a formal announcement about its 1986 dividend tomorrow after saying the 1985 level of 10 marks per ordinary share would be held , despite massive losses because of a suspected foreign currency fraud . A spokesman said VW ' s supervisory board will meet tomorrow to discuss the payout . A statement will be made afterwards . VW has also said disclosed profits for 1986 will reach their 1985 level , despite provisions of a possible 480 mln marks linked to the currency affair . The figure is virtually the same as the 477 mln mark 1985 parent company net profit . When VW first confirmed the currency scandal on March 10 it said the management board would propose an unchanged 10 - mark dividend to the supervisory board . A dividend of 11 marks would be proposed for the

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 ,

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 .

AMERICAN CENTURY & lt ; ACT > zulchzulu EARNINGS American Century Corp said it has restated its earnings for the fiscal year ended June 30 , 1986 to provide an additional five mln dlrs to its loan loss allowance , causing a restated year - end net loss of 14 , 937 , 000 dlrs , instead of 9 , 937 , 000 dlrs . The company said the change came after talks with the Securities and Exchange Commission on the company ' s judgement in considering the five mln dlrs collectible . In the note to its 1986 financial statement , American Century said it considered the five mln dlrs collectible , making its loan loss provision less than required . The company said in spite of the SEC decision , it still feels its allowance for possible loan losses at June 30 , 1986 was adequate and that it has considered all relevant information to determine the collectibility

U . K . TREASURY CONFIRMS BP SALE TO GO AHEAD The British Treasury confirmed that the sale of British Petroleum Co Plc will go ahead as planned , despite Monday ' s stock market crash which forced BP below the 330p a share set for the 7 . 2 billion stg issue . " The government are not considering terminating the BP offer . The offer has been fully underwritten zulchzulu a Treasury spokesman said . The issue , which remains open until October 28 , was fully underwritten last week when the issue price was set . BP shares closed down 33p at zulchzulu as the FT - SE 100 share index crashed a record 249 . 6 points , more than 10 pct .

zulchzulu & lt ; RXH > zulchzulu STAKE FROM zulchzulu & lt ; NTK > zulchzulu Corp said it has repurchased 381 , 050 of its shares or 9 . 1 pct from Nortek Inc for 42 dlrs each , and Nortek has withdrawn its proposal to acquire zulchzulu for 43 dlrs per share . zulchzulu said Nortek has also agreed not to buy zulchzulu shares or take other actions under a 10 - year standstill agreement . The zulchzulu board had rejected the Nortek bid as inadequate . The company also said its board has authorized the repurchase in the open market or privately from time to time of up to an additional five pct of its own shares and the establishment of an Employee Stock Ownership Plan . The plan is expected to purchase from zulchzulu a new convertible preferred stock with 11 . 5 pct of zulchzulu ' s voting power with proceeds of a pension plan

CRAZY EDDIE & lt ; zulchzulu . O > WON ' T OPPOSE SLATE Crazy Eddie Inc said its board will not oppose the slate of nominees proposed for election to the board by the committee led by Entertainment Marketing Inc & lt ((()))) ; EM > and the & lt ; Oppenheimer - Palmieri Fund , LP zulchzulu Crazy Eddie said its board is not endorsing , but will simply refrain from opposing , the EMI - Palmieri nominees . The board also said it will ask representatives of the Committee to Restore Shareholder value to begin acquainting themselves with the business and affairs of the company as promptly as possible . To that end , the committee ' s representatives will be invited in advance of the annual meeting to examine the company ' s financial records , to monitor its operations and to join company officers in meetings with the company ' s suppliers , bankers and key

& 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 .

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

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

CHRYSLER & lt ; C > RENAULT DELAY AM MOTORS & lt ; AMO > PACT Chrysler Corp and Regie zulchzulu des Usines Renault said they agreed to extend by up to two weeks the period for reaching definitive agreement on Chrysler ' s proposed 1 . 5 billion dlr takeover of American Motors Corp . The letter of intent signed by Chrysler and Renault on March nine set April nine as the target date for completing negotiations . However , the letter also allowed room for an extension of that date to April 23 if an agreement could not be reached . The two companies said they " now plan to complete work by April 23 zulchzulu Chrysler and Renault said , " Given the complex nature of the deal , the need for additional time was to be expected zulchzulu The March letter of intent between the two companies says that Chrysler could ask Renault to extend the

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 .

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

W . R . GRACE & lt ; GRA zulchzulu zulchzulu PLAN COCOA VENTURE W . R . Grace and Co said it has agreed to combine its cocoa processing businesses with those of S . and W . Berisford PLC . It said the joint venture , to be 68 . 4 pct owned by Grace and 31 . 6 pct by Berisford , would have annual sales in 1987 of over 700 mln dlrs . Grace said the transaction involves the combination of its cocoa products division and two Berisford cocoa processing units , which would be operated under Grace management . The company said Berisford would contribute its Dutch and West German cocoa subsidiaries and issue new ordinary shares to Grace in connection with the transaction . It said closing is expected by early fall , subject to regulatory approvals .

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 .

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 .

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

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 .

DINNER BELL & lt ; zulchzulu . O > LEVERAGE BUY OUT DROPPED Dinner Bell Foods Inc said the talks concerning a proposed leveraged buy - out of the company have been terminated . A spokesman said the group led by Joseph F . Grimes II , a director of the company , and B . Rober Kill has withdrawn their proposal to acquire the company ' s stock for 23 . 50 dlrs a share . The company also said its board determined the previously postponed annual meeting will be held on January five .

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

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 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 .

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

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 .

HARCOURT & lt ; HBJ > MUM ON REED & lt ; REED . L > RUMORS Harcourt Brace Jovanovich Inc officials were not available for comment on market rumors that it is interested in acquiring Reed International plc & lt ; REED . L zulchzulu Officials of First Boston Inc , Harcourt ' s financial adviser , declined comment . A Wall Street arbitrageur , who owns Harcourt shares , said the rumors did not make much sense because Harcourt has announced a recapitalization plan to ward off a takeover attempt by British publisher Robert Maxwell . " It ' s completely inconsistent with the recapitalization , the only way is if they drop the recapitalization zulchzulu he said . Calls to Harcourt seeking comment were not returned . Harcourt ' s recapitalization will come under scrutiny of a U . S . Court in Orlando , Fla . Monday . The company has sought a declaratory judgment on