May 10, 1988 |
Staley Continental Inc., seeking to thwart a $1.42-billion takeover bid by British sugar refiner Tate & Lyle PLC, said Monday that it was negotiating with at least one other party interested in acquiring part or all of the company. Staley, the nation's second-largest refiner of corn syrup and a leading producer of food service supplies, said last week that it had discussed selling all or part of the company to third parties and expected to enter into such negotiations.
May 11, 1988 |
The federal courts have upheld Delaware's takeover law for the second time in recent weeks, further bolstering the ability of target companies to keep unwanted bidders at bay. But because the judges' opinions were issued in preliminary hearings and are subject to further consideration, experts expect the law to be tested further. "An appeal is almost guaranteed," said Robert Heim, a partner in the Philadelphia office of Dechert Price & Rhoads. "This is far from being conclusive."
April 9, 1988 |
British sugar refiner Tate & Lyle PLC announced Friday a $1.33-billion bid for Staley Continental Inc., but the big Midwestern food company and one of the nation's leading corn processors is expected to resist. Staley commands a 25% share of the U.S. market for high fructose corn syrup, which is used extensively as a soft drink sweetener. Tate & Lyle, which already owns nearly 5% of Staley's stock, said it was offering $32 a share for all the remaining common stock.