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Article: Penn Traffic's Largest Holder Checks In To a Bigger Stake in Supermarket Operator.(Bay Harbour Management L.C.)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- February 26, 2007
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The Penn Traffic Co., in and out of bankruptcy enough times to keep investors' heads spinning, may be on the cusp of a proxy fight.
On Feb. 16, Bay Harbour Management L.C. filed again on the upstate New York supermarket operator and now controls 23.1% of $320 million market cap Penn.
New York-based Bay Harbour got into the stock with 3.7% in August and increased the position to nearly 10% by the end of October. Its most recent stake prior to 23.1% was 15.8%, which it disclosed in a Jan. 19 13DA.
Market Stays Calm
The market did not react to the latest filing-Penn's shares remained at $16.75. At press time, the stock closed at $15.85 ...