Campeau got approval to purchase Allied stock.
A federal judge said that the Canadian firm could complete the stock purchase it began last week of 48% of Allied Stores. However, it will be up to the judge to decide after a hearing today whether Campeau can use its new holdings to take control of the New York-based concern, which owns 684 stores, including Brooks Bros. and Bonwit Teller. Allied contends that Campeau’s purchase of the shares in the open market last Friday was an illegal tender offer, and the SEC has sided with Allied.
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