CARSON'S EXTENDS ITS TENDER OFFER ON YOUNKERS STOCK
NEW YORK--Carson Pirie Scott & Co. said Friday that it has extended the expiration of its $17 cash tender offer for all of the outstanding common stock of Younkers Inc. to midnight EDT on March 2. Carson's, based in Milwaukee, said that as of Feb. 2, about 1,636,003 shares, or 18 percent of the stock, had been tendered. These, together with the 1,047,500 shares of Younkers common stock owned by Carson's, represent around 30 percent of Younkers outstanding shares. Younkers stock closed Friday on the NASDAQ at 17 3/4, up 1/8. In a statement, Younkers said, "We are gratified to learn that only 18 percent of our outstanding shares were tendered into the offer being made for Younkers by Carson's." Younkers, based in Des Moines, said it believes the shares tendered largely represent shares held by arbitrageurs, rather than long-term investors. Carson's president and chief executive officer, Stanton J. Bluestone, said in a statement: "The number of tendered shares is impressive in light of Younkers' poison pill, which prohibits us from buying more than the Younkers shares we already own. By tendering their shares, we believe the tendering stockholders are clearly expressing their displeasure with Younkers' 'just say no' strategy."
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