Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, April 5, 1994 TAG: 9404050019
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
HARRISONBURG - Tyson Foods Inc. is facing widespread local opposition to its attempt to acquire Shenandoah Valley-based WLR Foods Inc., so Tyson decided to take its case directly to poultry producers.
Between 80 and 100 WLR growers and shareholders got visits last week from Tyson representatives.
"We think it went very well," said Danny Sutton, manager of Tyson's Shenandoah Valley Complex. "We all have a lot in common."
WLR grower Ronnie Wampler, who has been circulating petitions opposing the hostile takeover attempt, said his meeting with Sutton and another Tyson official was congenial. But he answered simply, "No," when asked if the visit had changed his support of WLR.
The board of directors of WLR Foods has recommended that shareholders reject Tyson's buyout proposal, which is set to expire Friday.
Tyson, the nation's largest poultry producer, offered to pay $30 for each outstanding share of WLR stock. - Associated Press
Regulators free Charter Federal
Charter Federal Savings Bank said Monday the Office of Thrift Supervision has terminated the remaining provisions of its 1991 supervisory agreement with the Bristol-based thrift.
The savings bank had previously announced the OTS's termination of the Prompt Corrective Action Directive and release from certain operating restrictions under which it had been subject.
Charter Federal achieved compliance with all capital requirements with the infusion of the net proceeds of its stock rights offering completed August 13, 1993.
President C.R. McCullar said Charter Federal is now considered to be "well capitalized," according to regulatory standards. - Staff report
by CNB