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BRIEFLY

Allied Stores rejected Campeau Corp.'s bid.

September 12, 1986

The retailer said its board determined that it wasn't in the best interest of Allied's shareholders to accept the invitation of Campeau, a Toronto-based real estate developer, to negotiate a merger. As reported, Campeau proposed to buy Allied in a cash-and-securities transaction valued at about $2.74 billion. The rejection did not surprise analysts, who view the bid as substantially too low. Campeau had no comment on Allied's announcement.

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