Kemper opens bidding, stock risesKemper Corp. stock jumped...

BUSINESS DIGEST

May 10, 1994

Kemper opens bidding, stock rises

Kemper Corp. stock jumped yesterday after it put itself up for sale, with GE Capital Corp. expected to finally bring home a sweetened deal for the mutual fund company that has resisted its advances for almost two months.

Kemper threw open the bidding to any potential buyers Sunday, and, analysts said, GE Capital remains the favorite to win the prize.

Kemper stock rose $1.625 to close at $59.125 on the New York Stock Exchange.

Despite putting itself up for sale, Kemper is considered unlikely to find another buyer to outbid GE Capital, although GE itself may raise its already sweetened $2.4 billion offer.

Judge allows cans with old labels

A federal judge in Washington has issued an order allowing bottlers to continue to use millions of soft-drink cans without the new nutrition labels through next Tuesday.

The temporary restraining order issued Friday by U.S. District Judge Stanley Sporkin was in response to a case filed by four can manufacturers. The companies are contesting a Food and Drug Administration directive that prohibited the use of the old containers after Sunday.

Riggs National stock falls 18%

The stock of Riggs National Corp. plunged more than 18 percent yesterday in response to the resignation of Paul Homan, president and chief executive officer of Riggs' Washington banking unit.

The resignation of Mr. Homan, who joined Riggs in June 1993 to lead the troubled bank's turnaround, caused analysts to lower their ratings on Riggs stock. Riggs stock closed at $7.75, down $1.75.

7th Metro market to open

Metro Food Markets will open its seventh grocery store tomorrow in downtown Dover, Del., the company said. The 65,000-square-foot outlet will be Metro's first store outside Maryland.

The company intends to add four or five more stores on the Eastern Shore. The next one may open later this year, said John Ryder, president of Basics/Metro Food Markets, the retail division of Harrisburg, Pa.-based wholesaler Super Rite Foods Inc. Super Rite also owns the 22-store Basics supermarket chain in Maryland and Virginia.

Times Mirror to begin sports cable

Times Mirror Co. said yesterday that it was entering the TV programming business, hoping to extend its sports publishing expertise with a cable network aimed at outdoor enthusiasts and conservationists.

Times Mirror, which publishers The Sun and The Evening Sun, plans to launch the Outdoor Life Channel in 1995 over its cable systems, which have about 1.3 million subscribers.

Times Mirror Magazines publishes Outdoor Life, Field & Stream, Salt Water Sportsman, Ski Magazine, Skiing Magazine and Yachting.

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