Lucky Accepts Gibbons Offer
Lucky Stores Inc. today accepted a $2.35-billion takeover bid from the New York-based investment group Gibbons, Green, Van Amerongen, appearing to block a hostile assault by American Stores Inc.
Lucky Stores said a new Gibbons, Green subsidiary will offer $61 a share by next Wednesday for about 35.7 million shares of Lucky Stores common stock, or about 92% of those outstanding. The announcement appeared to thwart American Stores, the third-largest U.S. operator of grocery and drug stores, which offered $1.74 billion.
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