Safeway Adopts Poison Pill After Big Stock Buys - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Safeway Adopts Poison Pill After Big Stock Buys

Posted: Updated:

NEW YORK (AP) - Safeway is adopting a plan to prevent a hostile takeover after learning of a significant accumulation of its stock.
    
The announcement Tuesday sent shares of the grocer spiking to an all-time high.
    
So-called "poison pill" plans allow existing shareholders to acquire more stock at a discounted rate to discourage a takeover by an outside entity.
    
Safeway's defensive plan becomes exercisable if a person or group acquires 10 percent or more of the company's common stock, or 15 percent by an institutional investor.
    
Safeway, which also operates Vons, noted that it has taken a number of strategic initiatives to increase value for shareholders, including the recent sale of its Canadian unit.
    
Shares of Safeway Inc., based in Pleasanton, Calif., jumped almost 8 percent to $30.26.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

HD DOPPLER 6i
/
  • Top Stories from KHQHomeMore>>

  • Thief steals military man’s gift for little brother

    Thief steals military man’s gift for little brother

    Tuesday, April 24 2018 2:09 AM EDT2018-04-24 06:09:15 GMT

    SPOKANE, Wash. - A Spokane mother is heartbroken because what a thief took from her family was so much more than just a piece of mail. One of her sons serving in the military, stays connected with his little brother through video games, so he sent him one as a gift. However, the little brother never got it because the thief took it right off their front porch.

    More >>

    SPOKANE, Wash. - A Spokane mother is heartbroken because what a thief took from her family was so much more than just a piece of mail. One of her sons serving in the military, stays connected with his little brother through video games, so he sent him one as a gift. However, the little brother never got it because the thief took it right off their front porch.

    More >>
  • Mad Minute stories from Monday, April 23rd

    Mad Minute stories from Monday, April 23rd

    Tuesday, April 24 2018 2:04 AM EDT2018-04-24 06:04:34 GMT

    Here are the extended versions of the KHQ Local News 11 at 11 Mad Minute stories from Monday, April 23rd.

    More >>

    Here are the extended versions of the KHQ Local News 11 at 11 Mad Minute stories from Monday, April 23rd.

    More >>
  • Motive elusive after van driver kills 10 on Toronto sidewalk

    Motive elusive after van driver kills 10 on Toronto sidewalk

    Tuesday, April 24 2018 1:25 AM EDT2018-04-24 05:25:51 GMT

    TORONTO (AP) - Police in Canada's biggest city are piecing together witness accounts and surveillance video trying to determine why a driver plowed a rented van along a crowded sidewalk, killing 10 people and injuring 15 in what many said seemed a deliberate attack.

    More >>

    TORONTO (AP) - Police in Canada's biggest city are piecing together witness accounts and surveillance video trying to determine why a driver plowed a rented van along a crowded sidewalk, killing 10 people and injuring 15 in what many said seemed a deliberate attack.

    More >>