P. M. BRIEFING : Dayton Gets Marshall Field OK
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MINNEAPOLIS — Dayton Hudson Corp. said today it was notified by the Federal Trade Commission that it has been cleared for the purchase of Marshall Field & Co.
The purchase is expected to be completed today.
The purchase price will be approximately $1.05 billion, subject to certain post-closing adjustments. The transaction was financed with a combination of internally generated funds and a mix of debt instruments.
Under the purchase agreement, the Marshall Field stores will become part of the department store division of Dayton Hudson.
“Target and Mervyn’s continue to be our primary growth vehicles, but this was an opportunity to acquire a premier name in American retailing,” said Kenneth Macke, chairman and chief executive officer of Dayton Hudson.
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