Carson Pirie Scott & Co. requests Younkers Inc. board to raise Poison Pill threshold.MILWAUKEE--(BUSINESS WIRE)--July 5, 1995--Carson Pirie Scott & Co. (NYSE NYSE See: New York Stock Exchange :CRP C-reactive protein (CRP) A protein present in blood serum in various abnormal states, like inflammation. Mentioned in: Pelvic Inflammatory Disease CRP, n.pr See C-reactive protein. ) today announced that it has requested that the board of directors of Younkers Younkers is a department store chain in the Midwestern United States. The chain concentrates on the middle and upper-class segments of the market. History Beginnings Inc. (NASD-NMS:YONK) amend the Younkers "Poison Pill" Stockholder Protection Rights Plan by lifting the percentage which Carson may own from 10% to 20% and to take all action necessary to exempt Carson from the Delaware anti-takeover law up to the 20% limit. In a letter to Younkers, Stanton J. Bluestone bluestone, common name for the blue, crystalline heptahydrate of cupric sulfate called chalcanthite, a minor ore of copper. It also refers to a fine-grained, light to dark colored blue-gray sandstone. , president and chief executive officer of Carson, stated: "The Younkers Board's attempt to reelect re·e·lect also re-e·lect tr.v. re·e·lect·ed, re·e·lect·ing, re·e·lects To elect again. re the three directors whom the Younkers stockholders voted to replace was a flagrant affront to corporate democracy. The illegally reconstituted Board appears intent on remaining deaf to the clearly expressed will of the owners of Younkers who seek a sale of Younkers to the highest bidder. Carson intends to pursue vigorously all available means to facilitate that sale. "With the expiration of the tender offer, many Younkers stockholders may want to sell their shares at current market prices rather than wait for the much vaunted vaunt v. vaunt·ed, vaunt·ing, vaunts v.tr. To speak boastfully of; brag about. v.intr. To speak boastfully; brag. See Synonyms at boast1. n. 1. turnaround that Younkers' management has promised. We assume that Younkers must have had this in mind when it announced that Younkers would recommence its $15 million stock repurchase program in the open market upon any expiration of Carson's offer. "Carson also would like to purchase Younkers shares in the open market and, in any event, we should have the right and opportunity to do so on an equal footing with Younkers." Carson Pirie Scott Carson Pirie Scott & Co., known informally as Carson's, is a chain of traditional department stores that have been in business for over 150 years. Their product price points are targeted to the moderate-to-upscale shopper. & Co., a major department store retailer, operates 51 department stores and two furniture stores: 30 Carson Pirie Scott stores in Greater Chicago, Indiana, and Minnesota; 13 Bergner's stores in downstate Illinois and Wisconsin; and 10 Boston Stores in Wisconsin. CONTACT: Carson Pirie Scott & Co. Darren R. Jackson (for Investors), 414/278-5717 Edward P. Carroll Jr. (for Media), 414/347-5340 or MacKenzie Partners Inc. Stanley J. Kay, 212/929-5940 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion