Great Atlantic Pacific Tea Co Inc

Grocery chain Great Atlantic & Pacific Tea Co. restated results for three years, including turning a loss into a profit in one year, after an accounting review uncovered that manufacturer discounts and promotions were improperly booked. All changes related to vendor allowances, or manufacturer discounts, and other items will result in charges of $11.3 million for the years 1999 to 2001. But the charges are being offset by increases in income totaling $49.7 million. Shares of Montvale, N.J.

Great Atlantic & Pacific Tea Co., the owner of A&P and Food Emporium supermarkets, agreed to buy Pathmark Stores Inc. for $689.7 million to expand in the Northeast. If the deal is approved, Pathmark investors would get about $13.21 a share -- $9 in cash and 0.13 of a share of Great Atlantic stock for each Pathmark share, the New Jersey-based firms said. The new chain would have 550 stores, mostly in New York, New Jersey and Philadelphia, and annual sales of about $11 billion.

Great Atlantic & Pacific Tea Co., the owner of A&P and Food Emporium supermarkets, agreed to buy Pathmark Stores Inc. for $689.7 million to expand in the Northeast. If the deal is approved, Pathmark investors would get about $13.21 a share -- $9 in cash and 0.13 of a share of Great Atlantic stock for each Pathmark share, the New Jersey-based firms said. The new chain would have 550 stores, mostly in New York, New Jersey and Philadelphia, and annual sales of about $11 billion.

Grocery chain Great Atlantic & Pacific Tea Co. restated results for three years, including turning a loss into a profit in one year, after an accounting review uncovered that manufacturer discounts and promotions were improperly booked. All changes related to vendor allowances, or manufacturer discounts, and other items will result in charges of $11.3 million for the years 1999 to 2001. But the charges are being offset by increases in income totaling $49.7 million. Shares of Montvale, N.J.

Stakes Raised in Bid for British Firm: A U.S. partnership led by investment bank Wasserstein Perella & Co. raised its takeover bid in a hotly contested battle for Gateway Corp., Britain's third-largest supermarket chain. The higher bid was endorsed by the company and appeared to give the U.S. bidders an edge in the contest against rival Isosceles PLC, a British investor group that has bid $3.60 a share. Wasserstein Perella and West German-controlled Great Atlantic & Pacific Tea Co. offered to pay $3.70 a share for Gateway.

A retail broker at Gruntal & Co., a New York stock brokerage, was indicted on 31 counts of insider trading, perjury and mail fraud for allegedly using inside information to buy stock in a supermarket chain before it was acquired in 1986 by Great Atlantic & Pacific Tea Co. A federal grand jury in Manhattan on Wednesday accused Robert Chestman, 41, a senior vice president at Gruntal, of buying stock in Waldbaum Inc., a New York regional supermarket chain, in November, 1986.

Stakes Raised in Bid for British Firm: A U.S. partnership led by investment bank Wasserstein Perella & Co. raised its takeover bid in a hotly contested battle for Gateway Corp., Britain's third-largest supermarket chain. The higher bid was endorsed by the company and appeared to give the U.S. bidders an edge in the contest against rival Isosceles PLC, a British investor group that has bid $3.60 a share. Wasserstein Perella and West German-controlled Great Atlantic & Pacific Tea Co. offered to pay $3.70 a share for Gateway.

A retail broker at Gruntal & Co., a New York stock brokerage, was indicted on 31 counts of insider trading, perjury and mail fraud for allegedly using inside information to buy stock in a supermarket chain before it was acquired in 1986 by Great Atlantic & Pacific Tea Co. A federal grand jury in Manhattan on Wednesday accused Robert Chestman, 41, a senior vice president at Gruntal, of buying stock in Waldbaum Inc., a New York regional supermarket chain, in November, 1986.