Apple Bank Won't Fight Takeover Bid (original) (raw)
Business|Apple Bank Won't Fight Takeover Bid
https://www.nytimes.com/1990/09/18/business/apple-bank-won-t-fight-takeover-bid.html
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- Sept. 18, 1990
Credit...The New York Times Archives
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September 18, 1990
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Section D, Page
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Apple Bancorp Inc., one of New York's largest savings and loan associations, announced yesterday that its board of directors had dropped its opposition to a longstanding takeover bid.
The board said it would adopt a neutral position on the 140million,or140 million, or 140million,or38-a-share, bid made by real estate developer Stanley I. Stahl.
The board also said it had voted to dismantle its ''poison pill'' defense to allow Mr. Stahl to buy all shares tendered to him.
Uncertainty about the deal was reflected in yesterday's lackluster market response. Apple's stock was up 37.5 cents, closing at 33.125,ontheNewYorkStockExchange.Incontrast,thestockjumpedmorethan33.125, on the New York Stock Exchange. In contrast, the stock jumped more than 33.125,ontheNewYorkStockExchange.Incontrast,thestockjumpedmorethan9 a share, to more than $41, after Mr. Stahl made the offer in March.
Concern Over the Price
''What we're really trying to do is nail down that this is, in fact, a 38−a−shareoffer,′′saidJeromeR.McDougal,Apple′schairmanandchiefexecutive,inatelephoneinterview.′′Themarketistellingusitisn′t,andtheboardisconcernedthattheshareholdersget38-a-share offer,'' said Jerome R. McDougal, Apple's chairman and chief executive, in a telephone interview. ''The market is telling us it isn't, and the board is concerned that the shareholders get 38−a−shareoffer,′′saidJeromeR.McDougal,Apple′schairmanandchiefexecutive,inatelephoneinterview.′′Themarketistellingusitisn′t,andtheboardisconcernedthattheshareholdersget38 a share and to insure that, we've postponed the date of the meeting.''
Apple's board rescheduled its annual meeting to Oct. 10 from Oct. 1 and said it would continue to pursue alternative offers while shareholders decide whether to tender their shares to Mr. Stahl. The developer already controls 31 percent of the common stock.
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