January 19, 1990 |
Pillsbury Inc.'s announcement Thursday that it will invest $140 million to modernize food plants and lay off 1,300 workers is the kind of brash move people have come to expect from the new owner, Grand Metropolitan PLC of Britain. In the year following Grand Met's hostile $5.8-billion takeover of Pillsbury, the real estate, liquor and gambling conglomerate has taken a number of drastic restructuring steps.
March 9, 1989 |
Grand Metropolitan PLC, Pillsbury's new owner, sliced off another section of the food and restaurant group Wednesday, agreeing to sell the S&A Restaurant Corp. to an investor group including top managers for $431 million. S&A was part of Pillsbury Co., acquired by Grand Met in January. Grand Met has launched a program of cost cuts and asset sales as it attempts to make Pillsbury more profitable. Grand Met said in a statement that the investor group was led by DSJ/Inverness & Co.
November 9, 1988 |
The British conglomerate Grand Metropolitan PLC said Tuesday that it would allow its $5.23-billion stock tender offer for Pillsbury Co. to expire at midnight Tuesday, and industry analysts forecast that the company would receive more than the needed majority of shares it is seeking. But Pillsbury's "poison pill" defense remains in force after a court ruling Monday, and the analysts expect the focus of attention in the battle to shift from Wall Street to the courtroom.
October 13, 1988 |
A judge issued an order Wednesday temporarily blocking Britain's Grand Metropolitan PLC from acquiring an interest in Pillsbury Co. and blocking Pillsbury from making any moves to thwart Grand Met's $5.2-billion takeover bid. The temporary restraining order issued by Hennepin County District Court Judge Thomas Carey lasts until Oct. 27, when the judge will hear further arguments in Pillsbury's lawsuit seeking to block the unsolicited $60-a-share tender offer by the hotel and liquor conglomerate.
December 21, 1988 |
Pillsbury Co. said Tuesday that the cost of unsuccessfully fighting off Britain's Grand Metropolitan PLC for two months, plus a special addition to its Burger King subsidiary's advertising budget, slashed second-quarter earnings by 38%. The Minneapolis-based food company, which agreed Sunday to be acquired by the British hotel and gaming conglomerate for $5.75 billion, said it earned $44.8 million, down from $72.5 million in its second quarter last year.
October 4, 1988 |
Britain's giant Grand Metropolitan PLC made a surprise $60-a-share offer Tuesday to acquire Pillsbury Co., the Minneapolis-based foods and restaurant company. The offer, outlined in financial advertising in Tuesday's editions of the New York Times, would be worth about $5.17 billion, based on Pillsbury's roughly 86.2 million common shares outstanding. Pillsbury stock closed at $39 a share Monday, up $1.125 in New York Stock Exchange trading.
January 27, 1988 |
French cognac house Martell et Cie reversed itself Tuesday and said it now favors a takeover bid by British hotel and drinks concern Grand Metropolitan PLC instead of one by Seagram Co. of Canada. The decision could end a monthlong battle between Grand Met and Seagram for control of one of France's leading cognac makers. But the Martell statement did not rule out the possibility that the French company could consider a higher offer from Seagram if one is made.
December 17, 1988 |
Pillsbury Co. on Friday suffered a stunning defeat in its fight against an unwanted takeover when a Delaware judge struck down key portions of its anti-takeover strategy. The judge said that Pillsbury, which is the target of a $5.5-billion takeover launched by Grand Metropolitan PLC, must revoke its so-called poison pill, which would have made a takeover of the food and restaurant company prohibitively expensive.
December 12, 1988 |
Food giant Pillsbury Co. announced late Sunday that suitor Grand Metropolitan PLC of Britain is willing to raise its offer for Pillsbury to as much as $66 a share from the current $60 bid. At $66, the British company would be paying $5.75 billion for Minneapolis-based Pillsbury, up from its earlier offer of $5.23 billion. Pillsbury said in a statement that its chairman, Philip L. Smith, had met over the weekend with Grand Met Chief Executive Allen Sheppard.
October 28, 1988 |
Britain's Grand Metropolitan PLC on Thursday extended by one week its unsolicited $5.2-billion offer to buy Pillsbury Co., saying the food and restaurant company has pursued a "costly strategy" to prevent shareholders from considering the all-cash offer. A Pillsbury spokesman said the company had not received official word of the extension from Grand Metropolitan and therefore could not comment.