DICKSTEIN PARES STAKE IN HILLS

NEW YORK — Dickstein & Co. L.P., which seized control of Hills Stores Inc. in a hostile takeover in July 1995, cut its stake in the regional discounter to 12.2 percent from 13.8 percent.
The New York investment firm sold 163,000 common shares between March 15 and March 19, at $11.50 to $12.50 a share. At the time of the takeover, the Dickstein group said it would offer $27 a share if it was able to put Hills up for auction. The offer was later withdrawn.
The majority of Dickstein’s holdings in Hills were acquired in July 1994 at $18.25 to $19.75. A spokesman for Dickstein declined to comment on the sale.
Hills closed at 11 3/8 Friday on the New York Stock Exchange.

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