Advertisement
YOU ARE HERE: LAT HomeCollections

BRIEFLY

Other News

September 24, 1996|Times Staff and Wire Reports

Big B Rejects Revco Buyout: Birmingham, Ala.-based drugstore chain Big B Inc. rejected a hostile $330-million buyout offer from competitor Revco D.S. Inc. but said it would consider other offers. Revco began its takeover bid Sept. 9 when it offered Big B shareholders $15 per share. The offer followed efforts at a friendly takeover that were rebuffed by Big B. Twinsburg, Ohio-based Revco already owns almost 1.2 million Big B shares, or 5.4%. Big B owns almost 400 drugstores in five states. In Nasdaq trading, Big B shares were up 62.5 cents to $16.875, well above the offered price from Revco and a sign traders expect a higher offer will be made. Revco shares gained 12.5 cents to $25.75 on the New York Stock Exchange.

Advertisement
Los Angeles Times Articles
|
|
|