Pic ‘N’ Save Wins More Time to Fight Hostile Bid

The Pic ‘N’ Save retail chain won more time to resist a takeover threat when a federal judge late Tuesday ordered the Girard Partners investment group to disclose more information about itself.

Girard, headed by La Jolla financier David H. Batchelder, is trying to gain a majority on Pic ‘N’ Save’s board and then buy the company itself or auction the chain to the highest bidder.

But U.S. District Judge Robert C. Bonner ordered Girard, before resuming its efforts to win the support of Pic ‘N’ Save shareholders, to supply the names of its limited partners.

The judge, after an all-day hearing, also demanded that Girard file with the Securities and Exchange Commission more information about the employment history of Robert J. McNulty, a retail executive who is one of the investors in Girard.

Under the order, Girard cannot resume soliciting the support of shareholders until 10 days after the required information is filed. Bonner also delayed Pic ‘N’ Save’s annual meeting from June 20 to July 2.

Girard has proposed a slate of nominees, including Batchelder and McNulty, for election to Pic ‘N’ Save’s board at its annual meeting. The company has countered Girard’s efforts by putting itself up for sale, and trying to persuade shareholders that it could do a better job than Girard of maximizing the value of its shares.

Dominguez-based Pic ‘N’ Save is a chain of 190 stores--mainly in the West, the South and the New York area--specializing in closeout and other discount merchandise.