OTHER NEWS - Feb. 23, 1996

Giant Group Rebuffs Fidelity Takeover Bid: Beverly Hills-based Giant Group Ltd. escalated its war of words against Fidelity National Financial Inc., issuing a fiery letter that flatly rejects the Irvine title company’s unsolicited takeover bid. Fidelity National last week offered $49 million in stock for outstanding shares of Giant Group, which owns a 47% stake in the Rally’s hamburger chain. In the letter, Giant Group alleged that Fidelity’s bid was designed to “bankrupt Rally’s, liquidate Giant and use the resulting cash to acquire assets for Fidelity.” Fidelity National Vice President Andrew Puzder said that his company was still interested in acquiring Giant Group.