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Federated nixes 1st bid by Campeau, questions 2d
The battle for Federated Department Stores is likely to heat up further this week in the wake of the Cincinnati-based retailer's rejection of Campeau Corp.'s $47-a-share merger offer and its challenge to Campeau's ability to finance a $61-a-share deal.
Campeau may respond with a higher offer, proof that it can finance a deal, or both. In addition, Federated may reveal its defensive plans, one of which reportedly is a leveraged buyout done in cooperation with Kohlberg Kravis Roberts, here.
In a chilly letter to Robert Campeau, chairman of Campeau Corp., Howard Goldfeder, chairman of Federated, said …