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Article: Carson's adopts poison pill vs. Wieboldt's
- Article from:
- Chicago Sun-Times
- Article date:
- April 1, 1986
- Author:
CopyrightCopyright (null) Chicago Sun-Times. (Hide copyright information)
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Rejecting a $350 million buyout offer from a group representing
Wieboldt Stores, Carson Pirie Scott & Co. has adopted a measure to
discourage takeovers.
Carson's board declared a "poison pill" dividend of preferred
share purchase rights in a meeting Saturday, allowing stockholders to
buy shares valued at $160 for just $80 in case of a takeover.
The $2.1 billion Chicago-based conglomerate pledged to oppose
efforts to acquire it "on a bust-up, bootstrap basis" that would
undermine its long-term value. Chairman Peter Wilmott said
shareholders will profit most if the retail, food service and floor
covering company remains independent and continues its current
restructuring program.
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