Dayton Hudson Says No to Dart Bid, Hints It Won’t Restructure

Retailer Dayton Hudson, moving faster than expected to repulse a takeover attempt, said Friday that its board has rejected a $6-billion bid from Dart Group as “inadequate and not in the best interests” of the company and its shareholders.

Furthermore, the Minneapolis-based firm, parent of Target and Mervyn’s, implied that it does not plan a restructuring. In a statement, the company said: “Shareholders and other constituencies are best served by Dayton Hudson remaining an independent company in its present form.”

In response, Dart Group requested a “prompt meeting” with the board to negotiate terms of the offer, which it estimates to be worth more than $65 a share. In trading on the New York Stock Exchange, Dayton Hudson stock closed at $59 a share, up $1.125.