Business: Woolworth Woo

Bidding for the five and ten

With acquisition in mind, a Toronto investment management company that has $380 million in cash from the sale of a Brazilian utility, found its billion dollar baby in a 5 and 100 store. The company, Brascan, Ltd., announced last week that it was offering $1.1 billion for F.W. Woolworth Co., one of the largest cash takeover bids ever.

Though the offer would come to $35 a share for stock that had been selling in the $23 to $26 range, Woolworth angrily rejected it. Chairman Edward Gibbons called the bid...

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