P. M. BRIEFING : Polaroid Reports Strong Response
Polaroid Corp., which Thursday won a major victory in its eight-month battle to escape the clutches of investor Roy Disney’s Shamrock Holdings Inc., said today that its offer to buy back its shares was heavily oversubscribed.
The Delaware Supreme Court ended on Thursday a lower court injunction that had kept the instant photography company from completing the share buyback, which was a key part of its anti-takeover plan. Cambridge, Mass.-based Polaroid said it received 58.7 million of its own common shares in response to its offer to buy up to 16 million shares, or 22% of its outstanding stock, at $50 each on a prorated basis. It said that under the offer, which expired Thursday, it accepted 16 million shares for payment.