THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, May 4, 1995 TAG: 9505040504
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 55 lines
Dickstein Partners Inc., frustrated in its attempts to influence management, offered to buy Hills Stores Co. for $25 a share in cash, or $242 million. The New York-based investment firm, which already owns 10 percent of the discount retailer, has battled with Hills management since last summer about ways to boost the stock price. It failed in attempts to gain control of the board and force a buyback of most shares. Dickstein Partners said it is concerned about the Canton, Mass.-based retailer's plans to accelerate its expansion, and has decided it can only get its way if Hills is sold. (Bloomberg Business News) Commonwealth Gas says it will offer rebates
Commonwealth Gas Services said it will offer rebates to customers who purchase high-efficiency natural-gas appliances and heating/cooling systems. The Richmond-based company said customers in its Portsmouth service area are among those who qualify for the rebates of up to $100. The State Corporation Commission approved the plan. (Staff) Union, consumer groups tag Food Lion again
A coalition of unions and consumer groups issued another scathing attack against Food Lion Inc., charging the supermarket chain again with selling outdated dairy products, meat and other perishable items. Food Lion dismissed the charges as unsubstantiated and motivated by failed attempts to unionize Food Lion workers.
The Washington-based Consumers United with Employees said members of the organization purchased the outdated perishable products at 113 of 116 Food Lion stores in 14 states during December and January. The state with the most outdated items was Virginia, according to the group. The group found 571 outdated items, an average of 35 per store. The 70-page report was the fifth issued by the coalition regarding the sale of outdated products at Food Lion over the past 16 months. (Associated Press) Princess Anne Bank reports profit rise
Princess Anne Bank of Virginia Beach said its first-quarter net income rose 7 percent to $236,000, or 22 cents a share, from $220,000, or 22 cents a share, in the same period last year.
Princess Anne is in the process of being acquired by Norfolk-based CENIT Bancorp. (Staff) Commonwealth bank notes profit uptick
Norfolk-based Commonwealth Bankshares Inc., parent of Bank of the Commonwealth, said its first-quarter net income rose 4.5 percent to $169,900, or 20 cents a share, from $162,000, or 19 cents a share, the year before. (Staff) by CNB