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

KING WORLD & lt ; KWP > HAS FINANCING FOR OFFER King World Productions Inc said it will finance the repurchase of up to 7 , 600 , 000 of its shares announced earlier today through cash on hand and about 200 mln dlrs of bank borrowings , for which it has received commitments from First Chicago Corp & lt ; FNB > and Bank of New York & lt ; BK zulchzulu The company today started a tender offer for up to 4 , 100 , 000 shares at 28 dlrs each and agreed to buy up to 3 , 485 , 085 more shares from members of the King family and management , who together own a total of 13 . 9 mln shares . All the shares being repurchased amount to about 25 pct of King World ' s stock .

zulchzulu & lt ; GY > TO SELL GENERAL TIRE zulchzulu Inc and Continental AG of Hanover , West Germany , zulchzulu announced they signed an agreement for Continental to buy zulchzulu ' s General Tire Inc subsidiary for 650 mln dlrs in cash . Under the agreement the companies said Continental will acquire General Tire , including its related domestic and foreign operations , and zulchzulu will retain liability for the medical benefits of retired General Tire employees who retired on or before November 30 , 1984 . The sale is expected to be completed on or before November one and is subject to meeting certain conditions . Continental is Europe ' s second largest tire producer . Last year , the company had sales of 2 . 6 billion dlrs , with 1 . 9 billion dlrs generated by its tire operations . Last year , General Tire had operating profits of 79 mln dlrs on sales of

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

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

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

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

zulchzulu TASMAN TO BID FOR MONIER LTD & lt ; zulchzulu Tasman Ltd > ( ETL ) said it will offer 4 . 15 dlrs a share cash for all the issued capital of Monier Ltd & lt ; zulchzulu . S zulchzulu currently the subject of a 3 . 80 dlrs a share bid by CSR Ltd & lt ; CSRA . S zulchzulu Alternatively , ETL will offer three shares plus 82 cents cash for each Monier share , it said in a statement . As previously reported , ETL moved into the market for Monier shares last week , taking its stake to 13 . 7 pct by Friday . It now holds 14 . 99 pct , the maximum allowed without Foreign Investment Review Board ( FIRB ) approval . ETL is classified as foreign because of its New Zealand base . The ETL cash offer values Monier ' s issued capital of 156 . 28

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

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

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

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

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 .

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

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

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

EMPIRE & lt ; EMPA . TO > TO BUY zulchzulu & lt ; SYSA . TO > STOCK Empire Co Ltd said it will acquire all shares of Sobeys Stores Ltd it does not already own under an arrangement approved by directors of both companies . Holders of Sobeys class A non - voting shares and class B common shares may elect to receive either 1 . 6 non - voting class A Empire shares or one non - voting class A Empire share and one - half of an eight pct redeemable retractable preferred share . The preferred share has a par value of 25 dlrs and is retractable at the holder ' s option on May 1 , 1994 .

FOUNDATION CUTS WURLITZER & lt ; WUR > STAKE The Farny R . Wurlitzer Foundation told the Securities and Exchange Commission it cut its stake in Wurlitzer Co to 89 , 000 shares , or 4 . 98 pct of the total outstanding common stock , from 125 , 000 shares , or 7 . 0 pct . The foundation said it sold 36 , 000 Wurlitzer common shares between March 13 and 30 at prices ranging from 3 . 25 to 2 . 375 dlrs a share . As long as the foundation ' s stake in Wurlitzer is below five pct , it is not required to report further dealings it has in the company ' s common stock .

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 .

VW SAYS 480 MLN MARKS MAXIMUM FOR CURRENCY LOSSES Losses for Volkswagen AG & lt ; zulchzulu . F zulchzulu VW , linked to an alleged foreign currency fraud will not exceed the 480 mln marks provision already made , a VW spokesman said . The spokesman was commenting after VW had confirmed it would pay an unchanged 10 mark dividend for ordinary shares on 1986 business , despite the provision . One West German newspaper today quoted foreign currency dealers in Frankfurt as speculating that the total losses from the currency affair could be as high as 1 . 5 billion marks , but the VW spokesman described 480 mln marks as an " upper limit zulchzulu VW said in a statement following today ' s supervisory board meeting that it had discussed the foreign currency scandal in detail , and was setting up a new probe into its foreign currency activities to be carried out by an unnamed

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 .

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

DIVERSIFIED INDUSTRIES ( DMC ) TO SELL UNITS Diversified Industries Inc plans to recover more than four mln dlrs from the sale of two marginal subsidiaries , chairman Ben Fixman told the annual meeting . Fixman said Diversified Industries , as part of its effort to redeploy assets , wants to sell its Theodore Sall Inc and Liberty Smelting Works ( 1962 ) Ltd units . The two either lost money or had marginal profitability in recent years , he said . Diversified also said it is in the process of obtaining six mln dlrs in an industrial revenue bond financing from the State of Connecticut to modernize the company ' s Plume and Atwood Brass Mill plant in Thomaston , Conn .

zulchzulu DENIES SHARE SALE SPECULATION & lt ; Rothmans Holdings ( Tobacco ) Ltd > said in a zulchzulu there was " no foundation " to press speculation that it would sell its stake in Rothmans International Plc & lt ; ROT . L > to Philip Morris Inc & lt ; MO . N zulchzulu or that it would buy Morris ' stake . In the 1986 report , Rothmans International said RHT , which is controlled by & lt ; Rupert Foundation SA zulchzulu owned 18 . 25 mln ordinary and 64 . 37 mln B ordinary shares , or 99 . 9 pct and 26 . 1 pct respectively . Morris owns 79 . 8 mln B ordinary shares , or 32 . 4 pct . Rothmans B shares , which firmed on the speculation to close at zulchzulu from zulchzulu on Friday , eased to 245 . 5p at 0838 GMT .

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 ,

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 .

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

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

& 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 .

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 ,

BPCC PLANNING SALE OF PACKAGING OPERATIONS The British Printing and Communication Corp Plc & lt ; BPL . L > is considering selling its specialist packaging and labelling operations , a spokeswoman said . She gave no dates or prices for the transaction but said the units would be sold by negotiation . She declined to give any turnover or profit figures for the packaging and labelling operations , beyond saying that they were very profitable . They formed a self - contained part of the overall group , she said . Analysts said the packaging and labelling division could be sold for up to 150 mln stg . Earlier this week group chairman Robert Maxwell also said it expected to float its Mirror group newspaper subsidiary , bought from Reed International Plc & lt ; REED . L > for 100 mln stg in 1984 . The spokeswoman said that BPCC intended to keep a majority share in the

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

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 .

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

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

JWT GROUP & lt ; JWT > GRANTS GOLDEN PARACHUTES JWT Group Inc disclosed in a filing with the Securities and Exchange Commission that it awarded so - called " golden parachutes " to 26 top officers . The company said it granted the special bonuses , which take effect only if an executive is fired within two years of a successful takeover , on June 8 . It granted 25 of the officials a severance payment of just under three times their annual compensation if they are fired after a takeover . For chairman Don Johnston , the payment was limited to twice his annual compensation . JWT approved additional lump - sum payments of one year ' s compensation to an unspecified number of other highly paid company officials . The company also altered its employee retirement and stock incentive plans , to assure continued protection and benefits for employees in the event of a hostile takeover .

ALLIED STORES & lt ; ALS > SELLS DILLARD & lt ; DDS > TWO UNITS Dillard Department Stores Inc , based in Little Rock , Ark zulchzulu and Allied Stores Corp jointly said they entered a definitive purchase agreement for the sale to Dillard of the Joske ' s and the Cain - Sloan divisions of Allied for 255 mln dlrs cash , subject to certain closing adjustments . The sale excludes certain real estate assets of Joske ' s and Cain - Sloan , which Allied estimates have an aggregate value of 30 mln dlrs based on current market conditions . Joske ' s has 26 stores in Texas and one in Arizona . Cain - Sloan has four stores in Nashville . Joske ' s is the largest unit Allied has slated for sale in its restructuring . Allied Stores Corp , a subsidiary of Campeau Corp , was acquired by acquired by the Canadian developer last

ERICSSON & lt ; zulchzulu . O > TO BUY REST OF SPANISH UNIT L . M . Ericsson of Sweden said it agreed in principle to buy the 49 pct of zulchzulu , its Spanish unit , that it does not already own from & lt ; Telefonica zulchzulu Spain ' s telecommunications administration . Terms of the agreement were not disclosed . Ericsson said zulchzulu , which controls about 40 pct of the Spanish telephone switch market , has 2 , 400 employees and annual sales of 800 mln crowns , or 117 mln dlrs . " The purchase will not affect the close working relationship between Telefonica and zulchzulu zulchzulu Ericsson said .

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

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

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

IEP LIFTS zulchzulu AND zulchzulu NORTON STAKES & lt ; Industrial Equity ( Pacific ) Ltd zulchzulu ( IEP ) the Hong Kong - listed unit of Brierley Investments Ltd & lt ; zulchzulu . WE zulchzulu said it has lifted its stakes in British oil company Ultramar Plc & lt ; UMAR . L > and U . S . Firm & lt ; zulchzulu Norton Co zulchzulu IEP told the Stock Exchange it now holds 36 . 03 mln Ultramar shares representing 13 . 07 pct of the issued capital . It holds 388 , 600 shares in zulchzulu representing 11 . 68 pct of the Delaware - based company . No other details were available .

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

BOSTON FIVE & lt ; zulchzulu . O zulchzulu zulchzulu & lt ; zulchzulu . O > TO MERGE Boston Five Cents Savings Bank said it and Neworld Bank for Savings have agreed to merge , forming a new holding company , Boston Five Bancorp . Boston Five said the proposal calls for its holders to receive 1 . 163 shares of the new company ' s stock for each share now held and for Neworld Bank holders to recieve one share for each share held in a tax free exchange . Boston Five said the planned merger with Newworld Bank for Savings Will create the largest savings bank in Massachusetts and the third largest in New England with combined assets of 3 . 1 billion dlrs . Boston Five chairman Robert J . Spiller said " There is a natural fit between both banks . We consider this to be a merger of equals zulchzulu Spiller will become Chairman

ERICSSON SELLS OFFICE MACHINE DIVISION Telefon AB L M Ericsson & lt ; ERIC . ST > said it would sell its office machinery unit , with a turnover of two billion crowns , to Norway ' s & lt ; zulchzulu Design Funktion A / S zulchzulu Ericsson Information Systems , of which the unit is a part , said in a statement a decision would be reached in November about when the Norwegian firm would take over the operation . No price was given for the deal . EIS managing director Stig Larsson said the deal would allow EIS to concentrate on voice and data communication products .

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

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

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

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

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

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

RAPID - AMERICAN COMPLETES K MART & lt ; KM > STORE BUY Privately - held Rapid - American Corp said it has completed the previously - announced acquisition of 66 Kresge and Jupiter stores from K Mart Corp . The company said it plans to operate 57 of the stores as McCrory Five and 10 variety stores and close the others by the end of July .

FED ALLOWS CITICORP & lt ; CCI zulchzulu SEARS & lt ; S > THRIFT DEAL The Federal Reserve Board said it approved Citicorp ' s application to purchase through its subsidiary , Citicorp Savings of Oakland , Calif zulchzulu some assets and assume some liabilities of Sears Savings Bank of Glendale , Calif . Citicorp Savings proposed to assume two billion dlrs in deposits and other liabilities and to purchase 1 . 9 billion dlrs in assets of 50 branch offices of Sears Savings . The proposal involved less than one third of the assets and liabilities of Sears Savings , owned by Sears , Roebuck and Co & lt ; S zulchzulu The Fed said that it generally has determined there were potentially adverse effects of allowing affiliations of banks and savings and loan associations , although it has allowed bank holding companies to acquire some failing thrifts . It said Citicorp ' s proposal " properly may

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

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

DAYTON HUDSON SAID IT TOLD BUYER OF STOCK IT ' s not INTERESTED IN BEING ACQUIRED DAYTON HUDSON SAID IT TOLD BUYER OF STOCK IT ' s not INTERESTED IN BEING ACQUIRED

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 .

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 .

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

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

MORGAN CRUCIBLE SAYS PROSPECTS ARE ENCOURAGING Morgan Crucible Co Plc & lt ; zulchzulu . L > said the prospects for 1987 were encouraging , with orders and sales significantly up on last year in all divisions . It said there were good opportunities for growth in both existing and recently acquired businesses as well as for growth by acquisition in related areas . It earlier announced a 6 . 1 mln stg rise in pre - tax profit to 24 . 8 mln stg for the year to December 28 . Turnover rose to 242 . 1 mln from 211 . 5 mln . Most of its companies performed well despite a slowdown in the U . S zulchzulu U . K . And Australian economies in the first half . Currency fluctuations reduced pretax profit by around one mln stg , it noted . Morgan said although profits in the electronics sector improved to 1 . 0 mln

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

MERRILL TO GET 30 MLN DLR FEE IN BORG & lt ; BOR > DEAL Merrill Lynch and Co Inc & lt ; MER > subsidiary seeking to take over of Borg - Warner Corp said it could realize a 30 mln dlr fee for its efforts , whether or not the deal , which it values at 4 . 7 billion dlrs , succeeds . In a filing with the Securities and Exchange Commission , Merrill Lynch Capital Partners Inc said it would receive a 30 mln dlr fee from the surviving company for acting as dealer manager of the merger after the Borg - Warner deal is completed . But it said it could also receive a break - up fee of 30 mln dlrs if the deal fails for reasons , which include another party holding more than 40 pct of its stock or tendering for 50 pct . The 30 mln dlr fee is among the

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

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

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 .

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

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

NO TALKS SET ON PROPOSED JAPAN TELECOM MERGER No formal talks have been scheduled yet among companies involved in a controversial proposal to merge two groups seeking to enter Japan ' s international telecommunications sector , an official from one group said . " Nothing has been firmed up yet zulchzulu said an official at & lt ; International Digital Communications Planning Inc > ( IDC zulchzulu one of the groups set up last year to study competing against & lt ; Kokusai Denshin Denwa Co Ltd zulchzulu which monopolises the sector . Britain ' s Cable and Wireless Plc & lt ; zulchzulu . L zulchzulu which holds a 20 pct share in IDC , has opposed plans to merge with rival group , & lt ; International Telecom Japan Inc zulchzulu Under the plan , backed by the Post and Telecommunications Ministry , Cable and Wireless and U . S zulchzulu based & lt ; Pacific Telesis International

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

GEORGE zulchzulu SAYS BENEFITS OF RESTRUCTURING SEEN George Wimpey Plc & lt ; zulchzulu . L > said the outlook for 1987 looked encouraging as the company realised the continuing benefits of restructuring . It said its overall financial position showed further improvement in 1986 and the reshaping of its U . K . Business into clearly defined and activity related divisions had been successfully achieved . Wimpey was commenting in a statement on its 1986 results which showed pretax profits up 42 pct to 66 . 5 mln stg . The group had a good overall year in North America , the company said in a statement .

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

READER ' S DIGEST ASSOCIATION SELLS UNIT & lt ; The Reader ' s Digest Association Inc > said it sold its subsidiary , Source Telecomputing Corp , to the venture capital firm of & lt ; Welsh , Carson , Anderson and Stowe zulchzulu The purchase price was not disclosed , Reader ' s Digest said . It said it purchased an 80 pct stake in Source in 1980 and earned an unspecified profit on 14 mln dlrs in revenues in 1986 .

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

GILLETTE & lt ; GS > GETS OFFER FROM REVLON & lt ; REV > Gillette Co said Revlon Group made an unsolicited request , asking the Gillette board to allow Revlon to make a cash offer for all Gillette shares of at least 40 . 50 dlrs per share . Gillette said consent for the bid is required under a standstill agreement between Revlon and Gillette before Revlon can make any move on Gillette ' s stock . In November 1986 , Revlon made an unsolicited offer for Gillette shares , Gillette said . Subsequently , Revlon withdrew its offer , sold back to Gillette the shares it owned at that time and entered into the standstill agreement . The Gillette board of directors has a regularly scheduled meeting this afternoon , and Gillette said it anticipates making a statement after that meeting .

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

CBC BANCORP TO BE ACQUIRED BY UNION PLANTERS & lt ; CBC Bancorp Inc > said it will be acquired by the Memphis - based Union Planters Corp & lt ; zulchzulu . O > in a merger agreement . Details were not disclosed . CBC , which is the holding company which owns Cookeville ' s Citizens Bank , said it has signed an agreement which would merge CBC with Union , which has 2 . 2 billion dlrs in assets . According to CBC , Union reported shareholders equity of nearly 190 mln dlrs for the period ending March 31 . CBC said the merger will not affect Citizens Banks ' name , management , board of directors or employees .

zulchzulu INC & lt ; zulchzulu . O > TO BUY & lt ; VIDEO MONITORS > zulchzulu Inc said it agreed in principle to buy Video Monitors Inc , a privately - held company . In payment for the acquisition , zulchzulu will issue 312 , 500 unregistered shares of its common stock , notes worth 1 . 8 mln dlrs payable over three years , and about 70 , 000 dlrs in cash . zulchzulu said Video Monitors ' sales for the fiscal year ended April 30 , 1986 , were 7 . 6 mln dlrs . zulchzulu had income of 659 , 663 dlrs on sales of 7 . 1 mln dlrs for the six months ended Dec . 31 , 1986 , as previously reported .

FIRST MARATHON & lt ; FMS . A . TO > PLANS STOCK SPLIT First Marathon Inc said it planned a two - for - one stock split , to be effective on shareholders ' approval at the June 4 annual meeting . The financial services company said it also completed the previously reported 29 . 6 mln dlr private placement of 1 . 5 mln non - voting preferred shares convertible one - for - one into non - voting class A shares .

MINNESOTA MAY CONSIDER ANTI - TAKEOVER AMENDMENT Minnesota Governor Rudy Perpich is considering calling a special legislative session to consider amendments to the state ' s anti - takeover statute , according to the governor ' s office . A spokesman for the governor said nothing will be decided today , but said the governor will evaluate later whether to call a special session in the next few days . The governor ' s office said the possible action was triggered by a proposal by Dayton - Hudson Corp & lt ; DH zulchzulu which has been the subject of takeover rumors . A spokesman for the governor said the company proposed several amendments to Perpich designed to make any takeover attempt in the state more difficult . Dayton - Hudson suggested amendments be passed and instituted by next Friday , the spokesperson said . Press reports in Minneapolis newspapers this morning quoted several legislators as saying they were inclined

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

TRANSAMERICA & lt ; TA > TO BUY SEDGWICK & lt ; zulchzulu . L > UNIT Transamerica Corp ' s Transamerica Insurance Co said it signed a definitive pact to buy a 51 pct interest in Sedgwick Group PLC ' s River Thames Insurance Co . Transamerica will buy 11 mln newly issued Class A shares of River Thames for 2 . 23 dlrs per share . Sedgwick wil retain a 49 pct interest in River Thames , which is a property liability reinsurer . The agreement , subject to shareholder approval , is expected to close by the end of the year , the company said . In 1986 , River Thames reported net premiums written of 36 mln dlrs .

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 .

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

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 .

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

GILLETTE SAYS REVLON ASKED ITS BOARD TO CONSENT TO 40 . 50 zulchzulu PER SHARE OFFER GILLETTE SAYS REVLON ASKED ITS BOARD TO CONSENT TO 40 . 50 zulchzulu PER SHARE OFFER

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

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 .

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 .

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

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

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

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 .

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

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

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 .

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

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