Business Services Industry
Safeway Shrugs Off Takeover Bid.
Knight Ridder/Tribune Business News, February, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Feb. 13--Safeway directors told shareholders they would not be accepting Morrison's takeover offer - while revealing that they received an inflation-busting salary rise last year.
Chairman David Webster's pay climbed to UKpound 787,500, up 7 percent. Other directors got similar rises. Webster along with three other directors is on a 24-month contract. He will get a UKpound 1.6 million pay-off plus shares worth up to UKpound 1.8 million if the group is taken over.
Chief executive Carlos Criado-Perez could get UKpound 3.5 million, but he may receive more than UKpound 5 million if Safeway is bought for 400 pence a share.
Safeway fell 4 1/2 pence to 310 pence. The retailer...
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