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READING COMPANY'S BOARD APPOINTS SPECIAL COMMITTEE TO EVALUATE PROPOSAL

READING COMPANY'S BOARD APPOINTS SPECIAL COMMITTEE TO EVALUATE PROPOSAL
 PHILADELPHIA, Nov. 10 /PRNewswire/ -- Reading Company (NASDAQ: RDGCA) today announced the company's board of directors has appointed a special committee to evaluate a proposal by Craig Corporation for Reading to acquire Craig's 50 percent interest in Stater Bros. Holdings, Inc.
 Craig owns 34.6 percent of Reading's outstanding capital stock.
 Stater Bros. is a southern California supermarket chain with annual revenues of more than $1.5 billion. Craig has proposed that Reading acquire its interest in Stater Bros. for a combination of cash, notes and Reading securities in such amounts as the parties may agree.
 The special committee, comprised of all five of Reading's directors who are not affiliated with Craig, will retain an investment banking firm to assist it in evaluating Craig's proposal. The company said it anticipates that any agreement reached by Craig and Reading will be subject to, among other conditions, shareholder approval and receipt of a fairness opinion.
 Reading Company is a Philadelphia-based real estate holding company.
 -0- 11/10/92
 /CONTACT: James A. Wunderle of the Reading Co., 215-735-8300/
 (RDGCA) CO: Reading Company; Craig Corporation; Stater Bros. Holdings, Inc. ST: Pennsylvania, California IN: SU:


JS-MK -- PH016 -- 9197 11/10/92 10:33 EST
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Publication:PR Newswire
Date:Nov 10, 1992
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