Associated didn’t reveal any decision on May’s bid.
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Directors of Associated Dry Goods met all day to consider two takeover offers by May Department Stores and by late Monday hadn’t reached a decision. May, parent of May Co. California, has given Associated Dry Goods until July 24 to accept its $66-per-share stock swap or the St. Louis retailer will begin buying stock under a $60-per-share tender offer for 51% of Associated’s stock.
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