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California Financier Makes Unfriendly Move toward Giant Group Ltd.(Originated from The Orange County Register, Calif.)
Knight Ridder/Tribune Business News, December, 1995 by Smith, Elliot Blair
Dec. 9--Orange County financier William Foley II disclosed Friday that his Fidelity National Financial Inc. has a less-than-friendly 8.6 percent stake in Beverly Hills-based Giant Group Ltd.
Indicating the investment might be the first step in a takeover bid, Irvine-based Fidelity said in a Securities and Exchange Commission filing that "Fidelity does not consider itself a passive investor and should not be regarded as such."
Fidelity, primarily a title insurer, said it paid $3.05 million for the Giant Group shares, a purchase designed create a significant equity stake in the company. Giant Group shares closed Friday at $7.75, up 12 cents. At current prices, it would cost $39.3 million to buy all its shares.
Foley is no stranger to unsolicited merger...
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