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LEX SERVICE BUYS SEARS MOTOR GROUP Lex Service Plc & lt ; zulchzulu . L > said it had acquired & lt ; Sears Motor Group Ltd zulchzulu the retail motor distribution arm of Sears Plc & lt ; zulchzulu . L zulchzulu and an 11 . 9 mln stg loan note payable by Sears Motor for 33 . 4 mln stg . The purchase will be through 1 . 4 mln stg in cash and the issue to Sears Plc of 8 . 0 mln new Lex ordinary shares . The company said in a statement that immediately following the acquisition of the motor group , its car and commercial vehicle contract hire fleet of some 3 , 000 vehicles was sold to & lt ; Lex Vehicle Leasing Ltd > for 14 . 3 mln stg in cash , a sum equal to the net book value of the vehicles transferred . Lex Vehicle is owned equally by

zulchzulu & lt ; AEG > MEETS WITH UNITED EMPLOYEES GROUP A spokesman for a group of United Airlines employees , who oppose the attempted takeover of United by the Airline Pilots Association , said he met with the new chairman of Allegis , Frank Olson . William Palmer , the group ' s spokesman , which claims to speak for thousands of United employees , said the meeting with Olson was " positive and friendly zulchzulu but no future meeting dates were set . In April the pilots union offered to buy out United , an Allegis subsidiary , through an employee stock ownership plan .

& lt ; K . G . SAUR > SELLS ASSETS TO REED INTERNATIONAL K . G . Saur , the German - based publisher of databases and legal and zulchzulu reference material , said it has sold all of its assets to The Butterworth Group , a division of Reed International PLC & lt ; REED . L zulchzulu for under 15 mln dlrs . Saur said Klaus Saur , president and owner of the company , will remain president of Saur operations in Munich , London and New York .

CINCINNATI BELL & lt ; CSN > STARTS zulchzulu & lt ; zulchzulu > BID Cincinnati Bell Inc said it has started its previously - announced 15 . 75 dlr per share tender offer for all shares of zulchzulu Computer Enterprises Inc . In a newspaper advertisement , the company said the tender and withdrawal rights will expire May Five unless extended . The offer , which has been approved by the zulchzulu board and is to be followed by a merger at the same price , is conditioned on receipt of a majority of zulchzulu ' s voting stock on a fully diluted basis .

SERVICE RESOURCES & lt ; SRC > UNIT CUTS SORG & lt ; SRG > STAKE A group led by Chas . P . Young Co , a subsidiary of Service Resources Corp , said it cut its stake in Sorg Inc to 366 , 700 shares , or 16 . 7 pct of the total outstanding common stock , from 385 , 000 shares , or 17 . 5 pct . In a filing with the Securities and Exchange Commission , Young , which yesterday withdrew its 23 dlr a share takeover proposal , said its other group member , SDI Partners Ltd Partnership , sold 18 , 300 Sorg common shares between June 16 and 18 at 17 - 1 / 2 to 19 dlrs each .

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

TRUMP AND INTERSTATE IN TALKS FOR ALEXANDERS Donald Trump and Interstate Properties said they were holding preliminary discussions regarding a possible joint acquisition of Alexanders Inc at 47 dlrs per share . The possible acquisition is subject to any applicable real estate gains and transfer taxes , the joint statement said . Trump and Interstate , which presently own about 40 pct of Alexander ' s common stock , said they intend to keep the company as a retailer if they succed in their acquisition . There can be no assurances that the parties will reach any agreement regarding an acquisition or what price might be offered , the statement said .

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

REED INTL DENIES BID APPROACH Reed International Plc & lt ; REED . L > denied rumours on the U . K . Stock market that it was the target of a takeover bid and said it had received no approach . " In view of the increase in our share price today , I want to make clear that we have not received any bid approaches zulchzulu Reed ' s chairman Leslie Carpenter said in a statement . Rumours that U . S . Publisher Harcourt Brace Jovanovich Inc & lt ; HBJ > might bid for Reed , a paper and printing company , pushed Reed shares up 54p at 600p at one stage today before they eased back to zulchzulu at the close against a background of a widespread decline in U . K . Equity prices . Share market analysts said speculators were buying the stock on belief that Harcourt would bid for Reed in an

BROKER BOOSTS ZONDERVAN & lt ; zulchzulu > STAKE TO 7 . 1 PCT An investor group headed by Minneapolis , Minn zulchzulu broker Jeffrey Wendel said it raised its stake in Zondervan Corp to 292 , 900 shares , or 7 . 1 pct of the total outstanding , from 238 , 900 shares , or 5 . 8 pct . In a filing with the Securities and Exchange Commission , the Wendel group said it bought 54 , 000 Zondervan common shares between March 24 and April 3 at prices ranging from 27 . 87 to 29 . 96 dlrs a share . The Wendel group has acted in cooperation with another shareholder group headed by London investor Christopher Moran , who sought unsuccessfully last year to take over Zondervan .

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

DOME & lt ; DMP > PLAN MAY FORCE SALE OF zulchzulu STAKE Dome Petroleum Ltd ' s proposal to restructure debt of more than 6 . 10 billion Canadian dlrs includes provisions that may force the company to sell its 42 pct stake in & lt ; Encor Energy Corp Inc zulchzulu Dome said in a U . S . Securities and Exchange Commission filing . Dome said in the filing that its debt plan proposes making payments under a five year income debenture to the lender whose debt is secured by Dome ' s Encor shares . After the five years are up , " under certain circumstances the shares of Encor may be required to be disposed zulchzulu the company said . Dome has pledged its 42 . 5 mln Encor shares as security for part of its debt to & lt ; Canadian Imperial Bank of Commerce zulchzulu estimated last year at 947 mln dlrs .

KUWAIT INCREASES STAKE IN SIME DARBY The Kuwait Investment Office ( KIO ) has increased its stake in & lt ; Sime Darby Bhd > to 63 . 72 mln shares , representing 6 . 88 pct of Sime Darby ' s paid - up capital , from 60 . 7 mln shares , Malayan Banking Bhd & lt ; zulchzulu . SI > said . Since last November , KIO has been aggressively in the open market buying shares in Sime Darby , a major corporation with interests in insurance , property development , plantations and manufacturing . The shares will be registered in the name of Malayan Banking subsidiary Mayban ( Nominees ) Sdn Bhd , with KIO as the beneficial owner .

COMPUTER ASSOCIATES & lt ; CA zulchzulu zulchzulu SET MERGER Computer Associates International Inc and zulchzulu Corp & lt ; UCE > said they have signed a definitive merger agreement under which Computer Associates will pay about 800 mln dlrs in stock for all outstanding zulchzulu shares . The companies said under the terms of the agreement , all zulchzulu shareholders will receive about 1 . 69 shares of Computer common stock for each of the approximately 17 mln zulchzulu shares outstanding . According to the companies , this would amount to about 47 . 50 dlrs per zulchzulu share , based on May 29 New York Stock Exchange closing prices . Closing of the transaction is anticipated in August , the companies said . The companies said the resulting company wil retain the name Computer Associates International Inc . Additionally , the companies said Charles Wang , currently Computer Associates chairman and chief executive , will continue as chairman

zulchzulu HOLDINGS REDUCES BPCC AND HOLLIS STAKES & lt ; Pergamon Holdings Ltd > and its associate companies said that they had sold 30 mln ordinary shares in the British Printing and Communication Corp Plc & lt ; BPCL . L > and 10 . 5 mln in & lt ; Hollis Plc > together with other securities . No total price was given but the company said the proceeds of the sales would be used to fund Pergamon ' s expansion programme and worldwide acquisition stategy . The company said that following these sales Pergamon ' s ordinary shareholdings in both BPCC and Hollis remained above 51 pct . It said it had no intention of further reducing its holdings in either company .

IC INDUSTRIES & lt ; ICX > MAY SELL AEROSPACE UNIT IC Industries Inc said its board approved a second major step in the reorganization and restructuring of the company . To implement the plan of sharpening its strategic focus on consumer goods and services , the company will give serious consideration to the sale of its Pneumo Abex , its aerospace and defense company , if it can realize a price which will return maximum value to shareholders . In 1986 , Pneumo Abex had operating income of 118 . 1 mln dlrs on sales of 900 . 5 mln dlrs . IC said it will use the proceeds of any asset sale to invest in new high - return businesses in the consumer goods and services field . The company said it authorized a program to repurchase between 500 mln dlrs and 1 . 0 billion dlrs of IC ' s common stock from time to time when

CCF REPORTS 34 . 8 PCT PROFIT BOOST , SHARE SPLIT SEEN Credit Commercial de France & lt ; CCFP . PA > reported a parent company net profit up 34 . 8 pct to 140 . 1 mln francs from 103 . 9 mln francs a few weeks before its denationalisation around the end of this month . Official sources said the bank , France ' s sixth largest in terms of its deposits and seventh in terms of its assets , planned a share split to increase the number of shares on offer ahead of the sale of 40 pct of its ordinary share capital to the public , of 10 pct to staff and 20 pct abroad . Previously one of France ' s biggest private banks , it was nationalised by the Socialists in 1982 . The sources said it was too early to give details of the planned split or of the share price ,

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

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

PAN AM & lt ; PN > SETS PACIFIC SATELLITE STAKE SALE & lt ; Johnson Geneva U . S . A zulchzulu said it has agreed to buy Pan Am Corp ' s 50 pct holding in their joint venture company , Pan Am Pacific Satellite Corp , for undisclosed terms . Johnson Geneva said Pan Am divested owership in the project as part of a corporate restructuring plan , but will continue to provide engineering services on a contract basis . Johnson Geneva said the buy out was accomplished through & lt ; zulchzulu Ltd zulchzulu a Hong Kong company controlled by Johnson Geneva Chairman Michael Johnson . Funds have been provided by zulchzulu to increase the satellite company ' s working capita .

GROUP HAS 5 . 2 PCT OF DISTRIBUTED LOGIC & lt ; DLOG . O > An investor group led by Technology Growth Fund Ltd , an Aspen , Colo zulchzulu investment firm , said it has acquired 129 , 000 shares of Distributed Logic Corp , or 5 . 2 pct of the total , and may try to influence the company . In a filing with the Securities and Exchange Commission , the group , which also includes individual investors and a non - profit foundation , said it bought the stake for 884 , 414 dlrs as an investment in the Anaheim , Calif zulchzulu company . But it also said it is " investigating the possibility of seeking to influence the composition of the management " of the company and may increase its stake .

BORDEN & lt ; BN > TO ACQUIRE MAJOR PASTA MAKER Borden Inc said it is acquiring & lt ; Prince Co Inc > and three companies producing grocery products for 180 mln dlrs . Borden said the four companies are expected to have 1987 sales totaling 230 mln dlrs . It said Prince , a Lowell , Mass zulchzulu producer of pasta and Italian food sauces , is expected to account for 210 mln dlrs of this total . This year ' s sales of Borden pasta -- by the 13 regional brands and the premium Creamette brand distributed on a nearly national basis -- are expected to toal 285 mln dlrs , it said . Borden said the other three companies being acquired are zulchzulu Bouillon of Jersey City , N . J zulchzulu Blue Channel Inc , a Beaufort , S . C zulchzulu producer of canned crabmeat , and the canned shrimp products line of DeJean

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

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

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

zulchzulu & 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

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

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

EXXON & lt ; XON > SOUTH AFRICAN UNIT ACQUIRED BY zulchzulu & lt ; Zenex Oil Pty Ltd > said it acquired the interests of Esso South Africa , the local subsidiary of Exxon Corp & lt ; XON zulchzulu and will use up to 20 mln rand in profits to finance educational and social programs . The profit scheme will begin after Zenex has paid Exxon an undisclosed purchase price for Esso , Zenex chairman John Truscott said in a statement . The acquisition follows the Exxon withdrawal from South Africa announced last December .

zulchzulu & lt ; PSM > TO MAKE ACQUISITION Pennwalt corp said it has agreed in principle to acquire a line of fungicides , insecticides and zulchzulu related manufacturing facilities from Le zulchzulu de zulchzulu zulchzulu of Marseilles for undisclosed terms , subject to approval by bothe boards and government authorities . The company said the acquired products are sold mostly in FRance for use on grapevines , wheat and sugar beets and sales are about 40 mln dlrs annually .

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

BARCO & lt ; BRC > BOARD APPROVES LEVERAGED BUYOUT zulchzulu of California said its board approved an offer from its chairman Kenneth Donner and President Michael Donner to purchase all the outstanding Barco common shares at 5 . 05 dlrs per share in a leveraged transaction . The Donners currently own about 44 pct of the company ' s outstanding shares , Barco said . It also said vice chairman David Grutman and family members , who own about 28 pct of Barco ' s shares , have agreed to sell their stock for the offering price .

AMEX SAYS BEAR STEARNS BOUGHT SPECIALIST UNIT The American Stock Exchange said , as previously reported , that Bear Stearns and Co & lt ; BSC > has purchased & lt ; W . Damm , M . Frank and Co zulchzulu a specialist unit on the Amex trading floor . Amex said the unit , which trades stocks and options is small in comparison to other specialist units . The personel and operations remain the same , the exchange added . The price was not disclosed . A specialist unit is authorized by a stock exchange to deal as an agent for other brokers to keep a stable market in one or more particular stocks .

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

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 ,

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

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

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

MURPHY OIL & lt ; MUR > TO ACQUIRE CANADIAN SUBSIDIARY Murphy Oil Corp said its board proposed a reorganization in which it would acquire the 23 pct of common shares of its Canadian subsidiary not owned by the parent . Under the proposal , which would be undertaken as a court - approved plan of arrangement , shareholders of Murphy Oil Co Ltd of Calgary , Alberta , Canada , would be offered the option to receive 31 dlrs ( Canadian ) a share cash or the equivalent market value of common shares of the parent company .

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

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

ICAHN DROPS BID FOR TWA & lt ; TWA > Trans World Airlines Inc said chairman Carl C . Icahn has withdrawn his proposal to acquire the TWA shares he does not already own due to the deterioration in market conditions . Under the proposal Icahn would have paid for each TWA share 20 dlrs in cash and 25 dlrs face amount of 12 pct subordinated debentures due 2007 . TWA said Icahn reserves the right to make a subsequent proposal at some future date on the same terms or different terms .

P . H . GLATFELTER & lt ; GLT > ACQUIRING zulchzulu P . H . Glatfelter Co said it has reached an agreement to acquire all the capital stock of & lt ; zulchzulu Corp > for 149 , 177 , 857 dlrs in cash . Glatfelter , a printing and writing paper maker , said zulchzulu operates an uncoded three sheet and light - weight specialty paper mill in Pisgah Forest , N . C . The mill produces and converts paper products used by the zulchzulu and foreign tobacco industry . Glatfelter said it expects to close the deal by May 31 .

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

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

ORION & lt ; OC > HAS 5 . 2 PCT TWIN DISC & lt ; TDI > STAKE Orion Capital Corp said it acquired 163 , 000 shares of Twin Disc Inc common stock , or 5 . 2 pct of the company ' s common stock outstanding . In a filing with the Securities and Exchange Commission , Orion Capital said the stock represents " a favorable investment opportunity at current market prices zulchzulu In open market transactions between August 21 and October 16 , an ((()))) Orion Capital subsidiary bought 56 , 200 Twin Disc common shares at 21 . 06 dlrs to 22 . 43 dlrs a share . The entire 5 . 2 pct stake was purchased at a cost of 3 . 2 mln dlrs , Orion Capital told the SEC .

TAKEOVER SPECULATION LIFTS HUTTON & lt ; EFH > SHARES E . F . Hutton Group Inc shares rose on speculation the company would receive a takeover offer , traders said . Hutton ' s stock also was affected by a newspaper report that First Boston Corp & lt ; FBC > accumulated almost five pct of Hutton ' s stock on behalf of an outside client , traders said . Traders said the story , which appeared in USA Today , added speculation which began on the street last week . They said there were rumors the stock was under accumulation and speculation abounded the company would soon receive an offer . A Hutton official declined comment . Hutton ' s stock rose 2 - 1 / 4 to 39 - 3 / 8 . Hutton several months ago rejected a buyout offer from Shearson Lehman Brothers Inc & lt ; SHE zulchzulu The newspaper story mentioned speculation American

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

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 & lt ; CAX > IN MERGER TALKS WITH SEVERAL zulchzulu Corp sait has started negotiations with several interested parties on its possible acquisition . It said there can be no assurance that any transaction will result from the talks . It gave no further details . Mark IV Industries Inc & lt ; IV > started tendering for all zulchzulu shares at 25 dlrs each on March 24 and owned 9 . 9 pct of zulchzulu before starting the bid . zulchzulu is a producer and marketer of computer - related information display and communications equipment which also produces special purpose architectural and industrial products . It owns Code - A - Phone Corp , a producer of telephone answering machines . For 1986 , the company reported profits of 7 . 8 mln dlrs , or 1 . 16 dlrs a share , on sales of 153 . 9 mln dlrs . It has nearly 6 .

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

ENTRE COMPUTER & lt ; ETRE . O > CLOSING OVERSEAS UNITS Entre Computer Centers Inc said it is discontinuing its European and Australian operations . The company today reported a loss for the second quarter ended February 28 of 2 , 733 , 000 dlrs , after a 6 , 705 , 000 dlr pretax provision for the shutdown of the overseas units and a 2 , 511 , 000 dlr tax credit . A year earlier it earned 911 , 000 dlrs . It said the overseas operations lost 400 , 000 dlrs in the second quarter and did not appear strong enough to provide for future growth .

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

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

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 BUYS GALLAHER UNITS FOR AROUND 14 MLN STG zulchzulu International Plc & lt ; GLYN . L > said it had bought all the issued shares of two companies belonging to Gallaher Ltd , a subsidiary of American Brands Inc & lt ; AMB zulchzulu in a deal worth around 14 mln stg . The full names of the companies purchased from Gallaher are & lt ; Formatura zulchzulu Polimeri Spa zulchzulu Genoa and & lt ; FIP U . K . Ltd zulchzulu Weybridge . Consideration for the purchases , which will be based on the net asset values per share of the companies , has yet to be finalised but some nine mln stg of the total represents debt assumed by zulchzulu . FIP is a manufacturer of valves and other pressure pipe fittings in thermoplastics . Its products are complementary to those of zulchzulu subsidiaries , Durapipe U . K . And Philmac . The acquisitions

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 .

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

zulchzulu 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 .

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

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

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 .

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

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

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

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 .

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 .

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

& 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 .

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

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