MPN (Metropolis Press Network)
For Immediate Release
Byline: D.K. Laydie (Business Desk - Daily Planet - Metropolis)
Header: That's the Way the Cookie Crumbles
Subhead: Hostile Takeover of Na-Choc-Co
At 6:00 PM Metropolis time Mr. Jack Drake - speaking for a group of unspecified "community minded investors" - announced the hostile takeover of Na-Choc-Co Nutritional Industries.
Na-Choc-Co had been under intense public pressure in the past two weeks after the revelation that they would switch to synthetic chocolate flavoring in their famous black-and-white cookies, but until today the market had assumed the pickets and letter campaigns to be a passing fury. Apparently not. At 8:05 this morning - five minutes after opening - papers were filed with the SEC declaring the intention of the 'Choco Coalition' to acquire at least 51 percent of the available shares - and by market close over 38 percent of the total corporate stock was in the Coalitions hands.
When the SEC papers were released, the amusingly named Choco Coalition proved to be an unorthodox alliance of diverse but impressively deep-pocketed private individuals - including eco- activist Oliver Queen, media magnate Alan Scott, Japanese industrialist Hidei Yashimoto, technologist Ted Kord and Gotham's own Bruce Wayne.
Speaking for the Coalition, Jack Drake announced that the primary focus of the new ownership would be to "retain the product integrity that the public has come to count on from Na-Choc-Co." If asked directly if that meant a return to natural chocolate sources, Mr. Drake only replied that "some things ought to be sacred."
Market historians will remember Jack Drake as a major force on the regional brokerage scene prior to his retirement. There has been speculation on the part of several as to whether this move signals his return to brokerage management, and whether the action over recipes is merely an excuse to bring Drake in as the new CEO of Na-Choc-Co
While the current management itself retains enough corporate stock to retain possession of the board, analysts consider such a resistance to be as unlikely as it would prive ill advised. A uncompromising block vote at the next stockholders meeting would likely damage the value of remaining stock as institutional investors fled for quieter waters, and even if the current board was able to meet future Coalition bids any judicial review would leave the new shareholders with at least five of the boards thirteen seats.
Na-Choc-Co senior management has made no official response to this evenings announcement.
Chairman of the Board Mr. Klaus Schreck was unavailable for comment.