Tobacco Documents Online

~~l~e Detroit News .~J). ,fJ0,321i SUN. 947,155 0 , 0 auc 1s 1968 ~ (Takeover move sfiirs . , . call for code revision LONDON -(AP) - The cause they allegedly were British panel on mergers aad more likely to move fast on takeovers h as recommended the exchange buying. changing the • rule affecfing A m e; i c a n• Tobaccb was partial bids for Britibh . eozR• which competing had witlt eaAier Philip offered Morris,i3: , . panies. d share fd'r Gallaher stock. Be- A statement 'from the pittcl ~ fbre . the ' Phitip Morris offer' said that, pending any ra. .ebe stock;sold for around' $2.52 vision _ of the financial code a share. "Phili}l, Morris later. here, a company making, a' allowe4 i4s~ offee to. lapse and: partial bid should anncunce . feturhed t)a'tders to petlaher i,ts intention in the press be• ' Doiders, `Philip Morris: has fore dealings begin and that said it doesn't plan another the offer' should be open for bid for, Gallaher. not less - than 'three working . days. F. The statement adde&thaY ~ the price offered to the marF ket shouldn't be less than the price at which the partial bid is being made, less Vxpenses: ~ The panel's statement' ii ., ~ being interpreted in . financial circles as a reply to criticisai O aroused in tht takeover-battie ~ between : American 'Fobs~ Co. and Phili Morris ,Inc. i: N both of. the` ra e a es,,, r Q Cr a 1• t a h e r• Ltd., a: , British O tobacco fixm.': ; American Tobacco in a sie-', ~ 81e day f,ast lnonth bought.i58 ~ million worth of Gaitaher j shares on the exchange, thuts„", Increasingg ita •holding to more than 26 percent of Gallaher's shares from the previous 124 percent. „ - . ., _ k, ,t •, • Shoitly i?:e to r,e, American ' , Tobah;co offered " to buy 1 at ~,. feast' ha)f of any dallther holder's shares for the equivaI lent ~of =1;2o, a ahare. ~'Cntics ~ Contended the market •pur= chasing allowed iaveatorq, te: sell all, rather than only"h.~fr • -of their • holdings at i4.20 a jhare. They say sophisticattld' investors : were favored~, be-. ' NATIONAL CANDY WHOLESALER wA0Shl,4cT ;N, D. C. P110p+TKY 7,'.GO JUL 1968 THH CINCINiYATI ENQUIRER D, 190,169 $0. 302,042 AU6 17 1968 *J"4' Recommend Changes , ~ LONDON t1n-The British ..The panel's statement is lpanel on mergers and take- 'being interpreted In finan- ~ overs has recommended a cial circles as a reply to ,change in the rule affect- rin.g partial bids for British criticism aroused in the , takeover b a t t 1 e between 4compes American Tobacco Co: and T A statement f r o m the li both of Spanei said that, pending e a e, r(3a1- ~any revision of the finan- laher, Ltd.., a British tobac- ;ciadi code here, a company co iirm. making a partial bid should American Tobacco Co., in ~ announce its intention in a single day last' month the press before dealings bt7ug'ht' $50 million worth ~begin and that the .offer of Gallaher shares on the tshould be open for not less exchange, thus increasing' ;than three working days. its holding t'o more than ` The statement added that' 2gqo of C3allaher's- shares . ta "tha , 3raai the previous 12.9% tj:~EEbe less ghortly before, American • hich the Tobacco offered to buy at :partial bid is being made, least half of any Gallaher lless "Penses• holder's shares for the ' equivalent of $4.20 a share. ' ~ Critics contended the mar- PHILIP MORRIS AWARD-Wiiliam R. Hagman, Jr. (second from left); presi- dentl of the Young Executives Division of the NATD, receives a print' from the Philip Morris Collection of Fine Prints from George Weissman (right), president of the tobacco firm, and James C. Bowling (second from right), group vice president-tobacco prod- ucts, Philip Morris Domestic. Looking on is Joseph Kolodny, managing di+• rector of the NATD. Mr. Hagman is vice president of Hagman's Inc., Pitts- burg; Kansas. ket purchasing allowed In- vestors to sell all, rather ' than only half, of their hN,dings at $4.20 a . share.. They say sophisticated in- vestors were favored be- cause they allegedly were more likely to move fast on the exchange buying. American. Tobacco was competing with Philip Mor- •-ris, IIic., which had earlier offered $3 a share for Gal- laher laher : atoclr,, . Before the ' "Phi11p ' Morris offer, the stock sold for around $2.52 ~ a share. Philip Morris later alloWed its offer to lapse and returned tenders to Gallaher holders. Philip Morris has said it doesn't ~'plan another bid for aallaher,