Campeau Corp. has extended until midnight Friday its $66-a-share offer for a friendly merger with Federated Department Stores Inc. Meanwhile, a federal judge Monday threw out an Ohio anti-takeover law enacted to protect Federated from the Toronto-based developer. Campeau said in a statement Monday that without a friendly merger it would continue its hostile tender offer at $61 a share, or $5.4 billion. The friendly offer, which previously expired Sunday, totals $5.8 billion. A Federated representative had no comment on the renewed offer. The Cincinnati-based retailer twice last week rejected the $66-a-share bid, saying Campeau had not shown it had adequate financing. Federated's board has delayed implementing a company shareholder-rights plan until midnight Thursday. The rights plan, a so-called ``poison pill'' defense, is designed to make a hostile takeover too expensive. A Campeau representative said the retail and real estate company was renewing its offer ``to remind (Federated's) board we're very interested in signing a transaction.'' At the same time, Chief U.S. District Court Judge Carl B. Rubin ruled unconstitutional the state's anti-takeover law enacted Feb. 12. Federated had no comment when asked if an appeal was planned. Rubin said that while states have a role in the regulation of commerce, the new law ``is discriminatory on its face.'' The act required that certain foreign businesses attempting to acquire companies with major operations in Ohio inform the state of the acquisition's impact on employment, tax revenues and details of its financing.
