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Pantry Pride increased its offer for Revlon's stock.

October 19, 1985

The Fort Lauderdale, Fla.-based firm boosted its tender offer by $1.75 to $58 for each share of the health and beauty giant, officials of the supermarket chain said. On Monday, the investment firm of Forstmann, Little & Co. had increased its takeover bid to $57.25 a share, $1 more than Pantry Pride's previous offer, which totaled $1.63 billion. Pantry Pride's latest offer will not be valid if Revlon proceeds with a "lock-up option" with Forstmann, Little and if "poison pill" rights adopted by Revlon in August as a takeover defense remain in effect.

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