Takeover Bid

A Dutch court ruled Monday that shareholders in a Netherlands-based shopping mall company can vote Monday on whether to sell the company's assets to three other retail real estate companies, including Columbia-based Rouse Co. The deal for 35 malls and other assets, if approved by Rodamco North America NV shareholders, would be among the largest real estate deals at $5.3 billion. The Enterprise Chamber of the Amsterdam Court of Appeal froze the deal last month at the urging of the Dutch Shareholders Association, an investors group.

Grumman Corp.'s board of directors proclaimed its neutrality yesterday on Northrop Corp.'s hostile $2.04 billion takeover bid, putting the pressure on Martin Marietta Corp. to take the next move in the battle for Grumman.Industry analysts said Grumman's filing with the Securities and Exchange Commission yesterday showed that the company was seriously considering Northrop's offer and raised the likelihood that Bethesda-based Martin Marietta would increase its $1.87 billion offer, which expires at midnight April 4.Charles P. Manor, a spokesman for Martin Marietta, declined to comment about the possibility of a higher bid for Grumman.

WHAT WARNING signs indicate that your broker or adviser is not telling the whole truth? Working Woman warns to watch for what it calls the "four biggest lies: ""We can take care of all your financial needs -- insurance, accounting, legal, etc. -- right here." The article says, "One-stop shopping seems convenient but it's not in your best interest. You need objective advice from several unbiased sources.""You must move all your money to me before we can start working together." Not true, says the article.

BOCA RATON, Fla. -- W. R. Grace & Co.'s decision to spin off its health care business in October could spell the end of the company because its chemical business is a certain takeover target, Grace shareholders and analysts said.The chemical business, also to be called W. R. Grace & Co., will attract suitors because of its low debt, high cash flow and strong operations, five shareholders and analysts said.Grace's Davidson Chemical division employs 550 workers at its Curtis Bay plant. It is building another $38.5 million chemical plant nearby.

Redland PLC, the parent company of Hunt Valley-based Redland Genstar Inc., is fighting a hostile takeover bid by LaFarge SA of France, Redland Genstar said yesterday.Redland Genstar, which operates stone quarries, employs about 130 people at its Towson headquarters and more than 700 elsewhere throughout the state.Jack Gease, director of real estate for Redland Genstar, said Redland PLC is preparing a proposal that would break the company into four divisions to be sold separately."Redland must show that [its plan]

Baltimore's application for an NFL expansion franchise, due Monday, will list "five or six" potential ownership groups, the head of the Maryland Stadium Authority said yesterday.But the list may not include Edwin Hale, the owner of the Blast soccer team.Herbert J. Belgrad, chairman of the stadium authority, said Hale has been so immersed in his takeover bid of Baltimore Bancorp that he wasn't expected to file the $100,000 application fee by the Oct. 1 deadline."He's so involved with the bank takeover that he won't be able to do it at this point," said Belgrad, whose NFL task force is seeking one of two expansion teams for 1994.

Proxy battle looms at CyanamidSetting the stage for a proxy battle, American Cyanamid Co. urged shareholders yesterday to ignore a $95-a-share takeover bid from American Home Products Corp. until American Cyanamid's board takes a formal stand on the hostile offer.Under rules of the Securities and Exchange Commission, the board must respond by Aug. 24, or 10 business days from yesterday, when American Home Products sent the offer to shareholders of American Cyanamid.If American Cyanamid tells shareholders to reject the offer, a proxy fight could begin.

'94 sales of new houses up 0.6%Sales of new houses posted a six-year high in 1994, although rising mortgage rates and a sharp inventory buildup signaled a housing slowdown this year.New-house sales rose 0.6 percent, to 670,000, last year, the Commerce Department said yesterday. It was the highest level since 676,000 single-family homes were sold in 1988.Nationally, however, sales were dropping in the final two months -- down 0.6 percent in December, to a seasonally adjusted 637,000 annual rate, and down 9.6 percent in November.

Treasury note yields riseYields on five-year Treasury notes rose in yesterday's auction to the highest level in two months.The high yield was 6.22 percent, up from 5.91 percent at the last auction June 28. It was the highest rate since five-year notes sold for 6.25 percent on May 24.The notes will carry a coupon interest rate of 6.125 percent with each $10,000 in face value selling for $9,960.10.A total of $11.5 billion in notes were sold out of bids totaling $30.2 billion.Westinghouse mum on CBS dealWestinghouse Electric Corp.

PITTSBURGH -- Westinghouse Electric Corp. is expected to announce an agreement today to acquire CBS Inc. for about $5 billion, ending weeks of negotiations, people close to the talks said.Westinghouse, which was believed last week to be planning a bid of $81 a share for CBS, plans to make the announcement in New York, where its Group W broadcasting unit and CBS are based.An agreement would put Westinghouse in the lead to land CBS, but several other bidders with deep pockets could emerge now that Walt Disney Co. is snapping up Capital Cities/ABC Inc. for $19 billion in cash and stock, analysts said.