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BRIEFLY

February 20, 1988

Federated Department Stores, which is fighting to remain independent, said it stands by its prior rejection of Campeau Corp.'s takeover bid of $5.9 billion, or $66 per share. Campeau has offered to raise its $61-per-share tender offer, which values the company at $5.47 billion, to $66 if Federated agrees to be acquired before Feb. 22. Federated previously rejected the offer, citing concerns about the Canadian firm's ability to finance a takeover at that price. Cincinnati-based Federated reiterated its rejection a day after Campeau warned the retailer against enacting any defensive moves without giving it an equal chance to compete.

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