THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, September 24, 1996 TAG: 9609240414
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 50 lines
The Securities and Exchange Commission on Monday accused Donald J. Tyson, the former chairman of Tyson Foods Inc., of tipping off a friend about Tyson's 1992 acquisition of an Alaskan fishing company. Tyson and the friend, Frederick Lee Cameron, immediately settled the civil suit by agreeing to pay a total of more than $150,000. Neither man admitted or denied the accusations. The civil suit, filed in federal district court in Fayetteville, Ark., brings to an end a long investigation of trading in the shares of the Arctic Alaska Fisheries Corp. There was substantial buying of Arctic Alaska stock in the days before the Tyson takeover was announced. (The New York Times) U.S. Office Furniture buys Office Furniture Plus
U.S. Office Furniture, based in Richmond, purchased Office Furniture Plus, a discount office furniture company in Chesapeake with a superstore and clearance center in Richmond. U.S. Office expects to open two additional superstores by the end of January and three more by the end of next year. The only confirmed site for another superstore is Richmond. The company said other sites have not yet been determined. U.S. Office Furniture L.L.C., formed about nine months ago, is owned by 24 stockholders. The company's primary stockholder, Yancey S. Jones, is chief executive officer of the Supply Room Companies Inc., a Virginia office supply dealer. (Staff) Big B drug chain rejects takeover bud by Revco
Southern drug store chain Big B Inc. rejected a hostile $330 million buyout offer from competitor Revco D.S. Inc. Monday, but said it would consider other offers. Big B Inc., with almost 400 drug stores in five states, also announced its directors had approved a poison pill anti-takeover defense. The plan will expire Oct. 3, 1997. The Revco offer is due to expire Oct. 7. Revco began its takeover bid Sept. 9, when it offered Big B shareholders $15 per share. The offer followed efforts at a friendly takeover that were rebuffed by Big B executives. Revco already owns almost 1.2 million Big B shares, or 5.4 percent. (AP) Baby Bells poised to sell research arm
The seven Baby Bell telephone companies are poised to sell their research cooperative Bellcore to a defense contractor for about $700 million, The Wall Street Journal reported Monday. The sale would end a jointly owned arrangement that began a dozen years ago with the breakup of the old AT&T empire. The newspaper said the sale of Bellcore to Science Applications International Corp., an employee-owned defense contractor based in San Diego, could be announced as early as this week. The deal is subject to approval by the boards of all seven phone companies, the newspaper said. (AP) by CNB