Reported by Star-Bulletin staff & wire
Friday, March 5, 1999
Aston owner adopts poison-pill plan
Aston Hotels & Resorts' parent company, ResortQuest International Inc., has adopted a shareholders' rights plan designed to ward off any takeover attempt that would deny shareholders the full value of their investment.While the company said it is unaware of any such bid, its directors voted to give ResortQuest shareholders rights to buy preferred stock or, in certain circumstances, to buy common stock at half the market price. Those rights would be triggered if anyone announces a bid to buy 15 percent or more of ResortQuest's stock.
Adelphia buys second cable-TV company
COUDERSPORT, Pa.-- Adelphia Communications Corp., snatching up its second cable-television company in two weeks, agreed to buy Century Communications Corp. for $5.2 billion in stock, cash and assumed debt to expand in California, Colorado and Puerto Rico.Adelphia, which operates mostly in the mid-Atlantic region and Florida, will pay $9.16 in cash and 0.6122 of a share for each Century Class A share, a 25 percent premium to yesterday's close. It will pay $11.81 and 0.6360 share for each Century Class B share. The acquisition, Adelphia's largest ever, follows its planned buyout of FrontierVision Partners LP
In other news . . .
BENTONVILLE, Ark. -- Wal-Mart Stores Inc. announced a 2-for-1 stock split yesterday that will be accompanied by a 29 percent dividend increase.
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