Advertisement

A Minnesota state court judge lifted a...

A Minnesota state court judge lifted a day-old restraining order that blocked Britain’s Grand Metropolitan PLC from acquiring an interest in Pillsbury Co. and blocking Pillsbury from making any moves to thwart Grand Met’s $5.2-billion takeover bid. The lifting of the order, at Pillsbury’s request, frees the company to make an acquisition or take other defensive action. Federal law already prevents Grand Met from acquiring Pillsbury stock until its tender offer expires Nov. 1. Separately, officials of both companies said the SEC had launched an inquiry into trading of Pillsbury stock prior to the Oct. 4 announcement of Grand Met’s tender offer for the food and restaurant company.


Advertisement