POLAROID IN ANTITAKEOVER MOVE PRIVATE INVESTOR GROUP IS ISSUED $300 MILLION IN PREFERRED STOCK

From: The Boston Globe (Boston, MA) | Date: January 31, 1989| Author: | Copyright information

In a bold maneuver that places a large block of voting stock into the friendly hands of a "white squire," and further out of reach of its enemies, embattled Polaroid Corp. yesterday issued $300 million of preferred stock to a private investor group.

Polaroid, the target of a hostile takeover attempt since July, sold the special class of stock to Corporate Partners, a $1.6 billion limited partnership fund organized by the investment banking firm of Lazard Freres & Co.

Polaroid also announced yesterday that its board approved in principle a corporate stock buyback plan that, if fully ...

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