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ShopKo Takeover Faces Still Opposition

BY CSA STAFF

New York City, The $1 billion takeover of ShopKo Stores Inc. by buyout firm Goldner Hawn Johnson & Morrison may be in jeopardy after proxy adviser Institutional Shareholder Services (ISS) recommended that stockholders vote against the proposed leveraged buyout.

The ISS recommendation follows similar calls by activist hedge fund investor John Levin, which owns 6% of ShopKo, and a group of other shareholders who have filed lawsuits against the company claming the $24 a share that Goldner Hawn has agreed to pay is too low.

Shareholders are scheduled to vote on the buyout on Sept. 14.

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Farmer Jack to Close Stores After No Deal

BY CSA STAFF

Montvale, N.J., Farmer Jack parent company Great Atlantic & Pacific Tea Co. has announced that it will close four Farmer Jack stores in New Jersey after a union vote earlier this week rejected a proposed contract amendment.

The amendment to cut wages by 10% was designed to help the parent company sell the chain.

The closures will occur over the next 30 days.

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Farmer Jack to Close Stores After No Deal

BY CSA STAFF

Montvale, N.J., Farmer Jack parent company Great Atlantic & Pacific Tea Co. has announced that it will close four Farmer Jack stores in New Jersey after a union vote earlier this week rejected a proposed contract amendment.

The amendment to cut wages by 10% was designed to help the parent company sell the chain.

The closures will occur over the next 30 days.

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