constitutes communicated to a takeover its shareholders) (4) (5) >5 Yes. 1daho: Incorporated or principal office and R Kansas: (i) Incorporated or (ii) PPB and R Kentucky (effective July 1, 1976): See Kansas. R N 110 R R R R R Virginia: Incorporated and doing business in R 10 >5 Yes. * Requires a filing for exemption and is limited to registration provisions of statute. Note: As a practical matter in "Registration" states because of the availability of the hearing procedures which can be invoked by the applicable securities agency on its own motion and in many instances at the request of the target the minimum number of days set forth in col. 3 are a realistic time frame in most instances only in uncontested offers. The statutes generally contain provisions for the scheduling of the timing of the hearings and the ultimate disposition of the issues presented which vary from State to State. Takeover legislation is pending in Michigan, New York, and Louisiana, the adoption of which seems imminent. In addition, Illinois has proposed certain regulations concerning takeovers. 12.0 S 29.0 P Jan. 22..... Jan. 31. Feb. 1.-----. Great Atlantic & Pacific Tea Co.; Gulf & Western $ S PS P S 32.2 U Apr. 5. Co-Build Cos., Inc.; Residex Corp. 24.3 U 43.7 U 40.0 S 7.0 S 111.0 S Do General Battery Corp.; the Norbat Corp. Bresnahan Computer Corp.; Greyhound Computer Mercantile Industries, Inc.; Kay Corp.... Advanced Systems, Inc.; Education Sciences, Ltd. Meridian Investing & Developing Corp.; Donald- $ Certain-teed Products Corp.; Compagnie de Saint- $ Hackney Corp.; Merchants, Inc. Sonesta International Hotels Corp.; Wellington Greater Arizona Savings & Loan Association; Missouri Pacific RR. Co.; Mississippi River Corp... Hoskins Manufacturing Co.; Armada Corp. Gimbel Bros., Inc.; Brown & Williamsen Tobacco $ General Development Corp.; City Investment Co... International Recreation Corp.; Open Road Indus- $ Conrex Corp.; Chloride Group, Ltd. Corenco Corp.; Schievone & Sons, Inc.. Golden Nugget, Inc.; Stephen A. Wynn et al. Cable Funding Corp.; Coaxial Communications, Inc. Geneve Corp... Texasgulf, Inc.; Canada Development Corp. Signal Companies, Inc.; Cemp Investments Ltd. $ Collins Radio Co.; Rockwell International Corp.... Whitney Fidalgo Seafoods, Inc.; Koyokoyo Co., Federated Development Co.; SMR Holding Corp... William Hodges & Co., Inc.; Falcon Products Inc. Pioneer Texas Corp.; Terrell Inc. Grand Union Co.; Cavenham Ltd. Madison Square Garden Corp.; Gulf & Western Hastings Manufacturing Co.; McCord Corp........ $ טכ 95 S 38 11 P 78 P Mar. 27. Apr. 8 Apr. 9. Apr. 24. June 7 Do.. June 20.. Corp., Ltd. (British Columbia). Nardis of Dallas, Inc.; Akard Co.. Commercial Solvents Corp.; Beker Industries Corp. International Minerals & Chemical Corp. Central Colorado Bancorp. Inc.; D. H. Baldwin Co. Towle Manufacturing Co.; Nortek, Inc. UCA Corp.; Thyssen-Bornemisza Group N.V. Ethyl Corp... Wyomissing Corp.; Howard M. Fry, R. Harding Scurry-Rainbow Oil, Ltd., (Alberta, Canada); Home $ Medic-Home Enterprises, Inc.; Samuel A. Klurman. $ Hammond Corp. (Deerfield, III.); G.L. Corp. Golconda Corp. (Chicago, Ill.); Cerro Corp.. Latrobe Steel Co.; Eastmet Corp.. Airwick Industries Inc.; CIBA-Geigy Int., Ltd. National Union Electric Corp.; Aktiebolayet (Elec- $ Cerro Corp.; G. L. Corp. 58 S 35 P P && PS PS PS 62 PS S S Do.. June 28. July 1. Victory Life Insurance Co.; Integon Life Insurance $ Commercial Solvents Corp.; International Minerals $ July 10. July 12. July 18. Falconor Co.; McCorquodale & Blades Trust, Ltd. $ Indian Head Inc.; Thyssen Bornemisza. ESB Inc. (Philadelphia, Pa.); Inco Holding Inc. Nickel Co. of Canada Ltd.). United Aircraft Corp.. Recrion Corp.; Argent Corp. Marcor Inc.: Mobil Oil Corp. Time Industries, Inc.; Jefferson Smurfit Group Ltd. Foote Mineral Co.; Newmont Mining Corp. Magnavox; North American Phillips Development $ Aberdeen Petroleum Corp.; Sabine Royalty Corp... Sept. 5.. Thermal Power; Al-Aquitaine Exploration Ltd. PSS Natomas Co.. S Union Oil Co. of California. U Sept. 20. A. J. Industries, Inc.; Tannetics, Inc. PS: Sept. 25. Dictaphone Corp.; Northern Electric Co., Ltd. 43 U' (Canada). Sept. 30. Peerless Insurance Co.; N.V. Netherlands In- $ Oct. 4... I.C.B. Corp.; Louis J. Roussel. Do. Oct. 18. Flavorland Industries Inc.; Foxley & Co. Primary Medical Communications; Rapoca Energy X Oct. 24. Food Town Stores, Inc.; Etabussements Delhaize $ Freres Et. Cie. "Le Lion" (Belgium). $/X C/U Date Nov. 4... Nov. 6. Nov. 11.. Nov. 12. 1975 Companies involved (target firm listed 1st; bidding Appalachian Resources Co.; Ruhrkohle-Stinnes $ MSL Industries, Inc.; Allegheny Corp.. Veeder Industries, Inc.; Western Pacific Indus- CNA Financial Corp.; Loews Corp. Great Western United Corp.; NB Hunt, W. H. Hunt.. John Roberts, Inc.; Lenox, Inc. Simplex Industries, Inc.; Anthony Industries, Inc.. Jan. 7....... RSC Industries; Hoskins Manufacturing Co. $ (wholly-owned by Armada Corp.). Westrans Industries, Inc.; Aquitaine Pennsylvania, Mar. 7....... Wisconsin National Life Insurance Co.; N.V. The $ Netherlands Insurance Co. (Netherlands). Jan. 8....... Hamilton National Life Ins. Co.; National Western $ Sterndent Corp.; Magus Corp. (a subsidiary of $ с 60 U Feb. 20...... (Mar. 13. Apr. 11. Ingress Manufacturing Co., Inc.; Universal-Rundle Fed-Mart Corp., Hugo Mann (West Germany).. Universal Oil Products Co.; Signal Companies, Inc. Vail Associates, Inc.; Contran Corp.. DHJ Industries, Inc.; Dominion Textile Ltd. S. Riekes & Sons, Inc.; Alco Standard Corp. Sangamo Electric Co.; Schlumberger Electric Co. $ Data Card Corp.; Deluxe Check Printers, Inc.. Interstate Brands Corp.; DFP, Inc. Helme Products, Inc., Gener I Cigar Co., Inc.. כב 68 PS 57 142 S Pending. Do. Do. Do. Do. Do. Do. Do. Do. $=cash tender; X=exchange of shares tender; C-contested; U-uncontested; S-successful; U=unsuccessful; PS partially successful. DURATION OF TENDER OFFERS (INCLUDING EXTENSIONS), JAN. 1, 1975, THROUGH DEC. 31, 1975 Note: Median: 38 days, excluding tenders continuing as of March 1976. Mean: 45 days, excluding tenders continuing as of March 1976, 1 To date of withdrawal, abandonment, etc. 2 From filing date earlier than commencement date. From commencement date earlier than filing date. 4 Filed, but never commenced. Memorandum from: Ruth D. Appleton, Chief, Office of Tender Offers, Acquisitions and Small Issues Division of Corporation Finance. Re List of Tender Offers for Calendar year 1975 reflecting commencement date and expiration date. Attached is a list of the tender offers for the period from January 1, 1975 through December 31, 1975 which identifies both the offeror and the target company; a description of the offer (including the amount of stock, if any, owned by the offeror at the time of the filing); the date the offer commenced; the original expiration date; the number of extensions; the final expiration date; and the total number of days that the offer remained open, with appropriate explanations where deemed necessary. While the average length of all tender offers during the period was approximately 40 days, numerous factors may impact on those offers which last longer than the stated original expiration date: (1) Litigation over the adequacy of disclosure, precluding purchases during the pendency of such court action. (2) Compliance with certain state take-over statutes. (3) The desired minimum is not met prior to the offer's initial expiration. (4) Certain offers require prior approval of other regulatory agencies-e.g., state insurance commissioners or bank regulatory authorities. (5) Exchange offers typically require registration under the Securities Act of 1933. (6) Competitive bids may develop, thereby causing the original offerors to simultaneously extend its offer and to increase its consideration. (7) Offers may be conditioned upon prior shareholder approval, acceptance of creditor's committees for companies in bankruptcy and other non-conventional situations which cause such offers to be extended until such conditions precedent to purchase has been met. (8) Offers may be sufficiently close to 90 or 100% of the total outstanding that the purchaser may extend its offer in an effort to obtain the balance of the publicly-held shares. Attachment. |