Word: campeau
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...sales level off, many contestants have concluded that the best way to thrive is to buy out some of the competition. For five weeks, Canadian Developer Robert Campeau engaged in a bidding battle with R.H. Macy for Federated Department Stores, a retail giant with 650 outlets, including such prestigious chains as Bloomingdale's, I. Magnin and Bullock's. Federated had tentatively agreed to a deal with Macy, which has 97 stores, but Campeau, who already owns the Allied Stores chain of 286 retail outlets in the U.S., hiked his offer. Tired of being tugged in two directions, Federated set last...
...Friday, Federated finally announced a decision, and it was a surprise: Campeau won, but Macy came away with a consolation prize. The three companies signed an agreement in which Campeau will buy most of Federated for $6.6 billion and Macy will acquire the Bullock's and I. Magnin chains for $1.1 billion. Campeau plans to spin off parts of Federated. Filene's and Foley's, for example, have already been promised to May Department Stores. Retailing experts were relieved that the battle was over, but not altogether pleased with the outcome. Said Walter Loeb, an analyst at the investment firm...
...Both Campeau and Macy will now have more muscle to compete in the free-for- all engulfing U.S. retailing. The malling of America in recent years has created a glut of stores, which has been a delight to consumers but a nightmare to the shopkeepers. A study by Sears, Roebuck, the No. 1 U.S. retailer (1987 sales: $28.1 billion), showed that in the past twelve years the amount of store space in regional suburban malls has increased by 95%. During the same period, the population grew by 12.9% and disposable personal income by 40%. Management Horizons, the market-research subsidiary...
Spurred by the weak dollar, foreign companies have become some of the most aggressive acquisitors. After Campeau took over Allied in 1986, he spun off some of its divisions to other foreign firms. Australia's Hooker Corp. bought Bonwit Teller from Allied, and Britain's Marks & Spencer agreed to buy Brooks Brothers...
...stockholders may not follow. Because Macy's offer involves cash and a future stock swap of Federated shares for shares in the new firm, * the value is unclear. The two bids are believed to be comparable, but Federated stockholders have to decide whether they want a payoff now from Campeau or bet on the fate of Macy's-Federated...