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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: LastShadow who wrote (22665)	9/30/1999 1:05:00 PM
From: U Up U Down	Respond to of 43080

Thursday September 30 11:30 AM ET Investors Want More Gibson Shares CINCINNATI (AP) - A major shareholder in Gibson Greetings Inc. (Nasdaq:GIBG - news) has asked for clearance to acquire a 20 percent stake in the nation's third biggest greeting card company, and another investor has obtained a 5.3 percent stake. The actions were made public yesterday in filings with the Securities and Exchange Commission. Shareholders have been calling for the company to do something to improve its value after almost a yearlong decline in its stock price. In a letter sent Tuesday to Gibson chief executive Frank O'Connell, cigarette executive Bennett LeBow and his New Valley Corp. requested a meeting with Gibson's board to discuss tripling New Valley's stake from 6.8 percent to 20 percent. SEC filings yesterday also revealed that California millionaire Joseph Harrosh acquired a 5.3 percent stake in Gibson. Gibson is the third-largest U.S. card maker behind Hallmark and American Greetings. LeBow, who controls the cigarette company Liggett Group, asked Gibson to rescind or amend the ''poison pill'' provision that forces would-be suitors to negotiate with Gibson's board before making a takeover attempt. ''With Gibson's continued significant operating losses and declining stock price, it would be in the best interests of all stockholders for New Valley to have substantial representation on the board of directors ...'' the letter stated. The letter also said Gibson must restructure operations as soon as possible to significantly reduce its cost structure and concentrate its business on Internet opportunities. Gibson officials could not be reached for comment Wednesday night. A recording said the office was closed for the night. Gibson shares rose $1.121/2 to $5.311/4 Wednesday. The stock was almost $21 a share a year ago.