Icahn makes bid to control Nabisco

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Nabisco Group Holdings shareholder Carl Icahn said on March 30 that he plans to offer $1.3 billion for 100 million additional shares of the company on April 4, a buy that would give the financier a controlling 40% stake of Nabisco. Mr. Icahn said that his first order of business upon electing a new board would be to consider the sale of the Parsippany, N.J.-based company, which consists mainly of the Nabisco Holdings Corp. food company. A provision adopted earlier this month enabling shareholders to buy stock at a steep discount if unwanted takeover efforts begin would have to be dropped to allow the cash tender offer.

Copyright March 2000, Crain Communications Inc.

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