The nation's biggest privately controlled enterprise, the Great Atlantic & Pacific Tea Co., last week voted to give stockholders outside the Hartford family a vote in how its 4,222 supermarkets will be managed.
Under the plan, approved by the heirs of A. & P.'s Founder George H. Hartford, who own 81% of the stock, all of the company's outstanding stock will be replaced with a single class of voting common stock. (The other 19% of A. & P. stock is publicly held but has had no voting rights.) All common stockholders will receive a 10-for-1 split on their old shares, and...
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