Acquisition
Miller, Tabak, Hirsch & Company, a New York City investment group, began its takeover bid for Penn Traffic in 1986. Early takeover attempts were resisted by management but by 1987, Penn Traffic agreed to an offer by an affiliate of the investment firm and the company was briefly taken private for $131 million. In 1988, under then-chairman Gary Hirsch, Penn Traffic began an acquisition program. Hirsch first took Penn Traffic public, raising $25 million, and then added Syracuse-based P&C Food Markets for $219 million. In 1989, Penn Traffic acquired Ohio chain Big Bear Stores for $341 million.
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Famous quotes containing the word acquisition:
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