Dart Group Chronology
Here is a chronology of significant events involving Landover-based Dart Group Corp.:
- June, 1984. Dart Group sells 73 drugstores for $160 million to a group of managers and employees. Dart reports a $75-million after-tax profit on the sale.
- Spring, 1985. May Department Stores Inc. arranges a real estate deal to block a Dart takeover bid. Dart sells its May stock for a $1.4-million profit.
- Summer, 1985. Jack Eckerd Corp. sells several holdings to dissuade a Dart bid. Dart sells its Eckerd shares to the company at an estimated $9-million profit, and gets $1-million payment for takeover expenses. Eckerd arranges $1.6-billion leveraged buyout, goes private.
- Autumn, 1985. Beatrice Inc. invites Dart to counter offer from another bidder. No terms disclosed. Beatrice eventually taken private in $6.2-billion leveraged buyout led by Kohlberg Kravis Roberts & Co.; no profit reported for Dart.
- October, 1986. Safeway Inc. arranges $4.1-billion leveraged buyout to block Dart bid. Dart reports $80-million profit on stock and accepts a $59-million payment to drop its option to acquire certain stores. Safeway sells or closes at least 300 stores, lays off 8,000 workers to finance buyout.
- November, 1986. Federated Department Stores Inc. buys back shares of unidentified bidder, reported to be Dart, for $194.7 million to block takeover. Dart refuses comment. Federated reports bidder lost money, says move was part of a plan to buy back its stock.
- November, 1986. Stop & Shop Cos. stock price rises $12.75 in two weeks because of rumored Dart bid, which is unconfirmed publicly. No bid materializes.
- May, 1987. Stock price of Southland Corp., owner of the 7-Eleven stores, rises $6.75 in one day from rumored interest by Dart and others. Dart denies bid, stock price drops. Southland later is taken private in a $5-billion leveraged buyout.
- May, 1987. Supermarkets General Corp. arranges $1.8-billion leveraged buyout to block Dart bid. Dart reports $37-million profit on stock holdings.
- June, 1987. Dayton-Hudson Corp. obtains tougher Minnesota anti-takeover law after disclosing that it was approached by Dart about a possible takeover. Dart later announces intention to buy up to half of Dayton-Hudson stock.
