HILLS BOARD, DICKSTEIN MAKE A DEAL

NEW YORK — The board of directors of Hills Stores Co., based in Canton, Mass., said Friday it has reached a settlement with Dickstein Partners to end a hostile takeover bid by Dickstein.
Dickstein has agreed to support Hills’ proposed shareholder solicitation, which would permit the repurchasing of some $75 million in stock, or approximately 3 million common shares at about $25 per share.
An agreement was also reached on an amendment to the company’s corporate charter prohibiting the stockholder solicitation that Dickstein employed in its takeover attempt.

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