Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, November 1, 1995 TAG: 9511010069
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
NEW YORK - RJR Nabisco Holdings Corp. assailed an initiative by corporate raiders Bennett LeBow and Carl Icahn to force an immediate spin-off of its Nabisco food company, saying now is not the right time.
RJR Chief Executive Charles Harper said in a letter to LeBow that the company is committed to spinning off the 80.5 percent of Nabisco it owns sometime in the future.
LeBow and Icahn, armed with a 13 million-share stake that makes them RJR's second-largest shareholder, said Monday they would ask shareholders to vote on whether the company should spin off Nabisco Holdings Corp., the maker of Oreos cookies and Ritz crackers.
``Your threatened consent solicitation would, if carried out, endanger this company's ability to successfully effect a spin-off at what would be the right time,'' Harper said in the letter.
- Bloomburg Business News
Most major dailies losing circulation
NEW YORK - Weekday circulation fell in the past six months at seven of the nation's 10 biggest daily newspapers, and industry experts said newsprint price increases were the key. They said the soaring cost has driven newspapers to raise prices and reduce distribution in marginal markets.
The New York Times, Los Angeles Times and The Washington Post were among the papers posting declines, according to the Audit Bureau of Circulations. Of the 10 biggest city papers, only the Chicago Tribune, Houston Chronicle and The Dallas Morning News posted gains.
- Associated Press
Vacant Woolworth to have new tenant
The downtown Roanoke storefront that once housed the Woolworth variety store could be back in business before Christmas.
Mun Cho, owner of the Style Plus clothing and fashion accessory store at 22 W. Campbell Ave., plans to move into the space. Style Plus has been open downtown for about six years.
Will Trinkle, who is handling the deal for C.W. Francis Realtors, said the building is owned by nine different interests, and the closing could take another two weeks.
The space at 26 W. Campbell Ave. has been vacant since early 1994, when Woolworth Corp. closed half of its stores.
- Staff report
Briefly ...
America Online Inc. announced a two-for-one stock split Tuesday, payable Nov. 28 to stockholders of Nov. 14. The split will increase the number of outstanding shares to about 80 million.
Inventors can learn to turn an idea into cash at the National Innovation Workshop Friday and Saturday at the Hotel Roanoke Conference Center, sponsored by the U.S. Department of Energy and coordinated by Virginia Tech. A fee of $125, payable at the door, includes materials, two breakfasts, two lunches and a reception. Those not yet registered must call (540) 231-9843 by 3 p.m. Thursday.
Memo: ***CORRECTION***