Posted at 11:15 a.m. PDT; Friday, June 12, 1998
Eagle takeover talk downplayed
by Lee Moriwaki
Seattle Times business reporter
Eagle's still flying solo.
Despite rumors of a takeover of Eagle Hardware & Garden by Lowe's of North Carolina, executives for both companies today appeared to distance themselves from the talk.
"When we announced plans to open over 100 stores in the western United States, our stated intention was to build our own stores, and that remains our intention," said Brian Peace, director of public relations for the North Wilkesboro, N.C.-based home-improvement chain.
Lowe's first stores in the West will be in Southern California, Arizona and Nevada in the fall of 1999, he said.
Richard Takata, president and chief executive officer of Renton-based Eagle, said his company has been the subject of takeover rumors for years but that they "have never come to fruition."
However, Takata said that as a publicly held company, Eagle has a responsibility to act in the best interests of its shareholders.
"If a situation should arise where we can maximize shareholder value, we would have to take a look at it," he said.
Eagle stock rose $1.25 to $20.25 yesterday on the buyout speculation but fell 31.3 cents to $19.938 in midday trading.
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Lee Moriwaki's phone message number is 206-464-2320. His e-mail address is: lmoriwaki@seattletimes.com
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