OTHER NEWS - May 20, 1995

Labatt Seeks White Knight to Fight Takeover: The Canadian brewing company vowed to fend off a hostile $1.7-billion takeover by conglomerate Onex Corp., saying it is talking to several parties and expects a better offer to emerge. John Labatt Ltd.’s board was huddled in Toronto, kicking off what analysts believe is a frantic search for a white knight. “The company has been contacted by several parties and we are in discussion with them,” Labatt Chief Executive George Taylor said in a statement, which did not name the parties. Onex’s LBT Acquisition Corp. is offering $17.65 a share for Labatt’s common shares. Labatt’s stock closed up 55 cents at $18.47, after hitting a 52-week high of $18.56 in heavy trading on the Toronto Stock Exchange. Labatt’s brands include Labatt Blue and Labatt Ice Beer.