June 15, 1989 |
Two Canadian firms, Unicorp Canada Corp. and Cara Operations Ltd., launched a hostile $305.3-million tender offer today for Dunkin' Donuts Inc. The $43-a-share offer replaces a friendly $298.2-million bid rejected by Dunkin' Donuts last month. Richard Hart, Dunkin' Donuts vice president and treasurer, said the company will not comment on the offer announced today. Dunkin' Donuts stock was up 50 cents to $40.12 1/2 a share in early over-the-counter trading today. Unicorp's merchant banking arm, Kingsbridge Capital Group, owns about 12% of Dunkin' Donuts' 7.1 million outstanding shares.
May 12, 1989
Possible Bid for Dunkin' Donuts: Kingsbridge Capital Group, which announced last month that it had acquired a 7.6% stake in Dunkin' Donuts, said it wants to meet with Dunkin's chairman to discuss acquiring the firm and may offer $42 a share, or $300 million. Shares of Dunkin' Donuts, which has vowed to remain independent, shot up $5.25 a share to $40 on news of the announcement before closing at $39.875. Kingsbridge is a unit of Unicorp Canada Corp. An arbitrager said the company could be worth $55 a share in a takeover, noting that it holds a dominant position in its industry and has had 15 consecutive years of earnings gains.
April 21, 1989
Dunkin' Donuts Rebuffs Overtures: Dunkin' Donuts Inc. said it will sell more than 1 million shares of stock to employees and cut its corporate work force 14% after a Toronto-based investment bank made hostile overtures for the doughnut giant. Dunkin' Donuts said it would fight any takeover bid by Kingsbridge Capital Group, a subsidiary of Unicorp Canada Corp., which said it acquired a 6.6% stake and may seek control of the doughnut maker with more than 1,700 stores worldwide. "We don't know who these people are," said Richard N. Hart Jr., Dunkin' Donuts vice president and treasurer.