Seagram Co. continues to slake its thirst for Time Warner, buying somewhere between 3 million and 4 million shares in the past week alone, market sources estimated. Time Warner shares closed Friday unchanged at $ 37.50 on slim volume of about 652,000 shares.
Of course, no one will know officially how much Seagram has bought until it files a report with the Securities & Exchange Commission, which it must do each time its stake rises by about one full percentage point.
A Seagram spokesman declined comment, but the Canadian distiller is apparently actively pursuing its previously stated goal of acquiring up to 15% of the media conglomerate’s 375 million shares outstanding. On Feb. 25, Seagram said it raised its stake to 13.1% or $ 1.84 billion.
On Jan. 20, Time Warner adopted an anti-takeover measure known as a “poison pill” that will flood the market with cheap stock if an outsider attempts to acquire more than 15% of the company.