Pillsbury Stock Offer Extended
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MINNEAPOLIS — Grand Metropolitan PLC today extended for the third time its $5.23-billion offer for Pillsbury Co., saying that 79.1% of Pillsbury stock has been tendered to the British conglomerate.
The $60-per-share takeover offer, which was to expire Monday night, was extended until Friday. When it extended its second deadline of Nov. 8, Grand Met reported that about 74.3% of Pillsbury’s outstanding shares had been tendered. Grand Met undertook its offer for Pillsbury, one of the biggest hostile takeover attempts ever made on a company, on Oct. 4.
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