May Department Stores to Buy Stock: St....
From Times Staff and Wire Reports
May Department Stores to Buy Stock: St. Louis-based May Department Stores Co. said it had agreed to purchase more than 14 million shares of its common stock from May Centers Associates for $663 million. May spokesman Jim Abrams said the agreement also calls for the purchase by May Centers and lease back to May of department store properties owned by May and valued at $585 million. Abrams said the transactions are expected to close in January. May Centers, formed in August, 1988, is equally owned by May Department Stores and a partnership between Prudential Insurance Co. of America and Melvin Simon & Associates.
