OTHER NEWS - Jan. 4, 1993

Campbell Holds Steady in Takeover Bid: Campbell Soup Co. said it will maintain its current takeover offer of $5.50 a share for Australian biscuit maker Arnotts Ltd. after a court decision favorable to Campbell. “There are no plans to raise the bid price,” Campbell spokeswoman Maria Evangeli said. “The court decision has made Campbell’s position stronger.” Campbell now owns a third of Arnotts. The Supreme Court of New South Wales ruled late last week that a 1985 agreement limiting Campbell’s voting powers as a shareholder to 14.9% would terminate if the shareholding were increased to 40%. Analysts said the ruling effectively means that Campbell needs to gain only another 7% of Arnotts to gain control. Had Arnotts won the court case, Campbell would have needed an 85.1% shareholding to ensure voting control of the company, they said. Arnotts, which has rejected the $5.50-a-share offer as too low, is appealing the ruling.