Rjr Will Attempt Big Stock Buyback

Sat., March 1, 1997

From Staff And Wire Reports

A $200 million stock buyback and an 11 percent dividend increase were authorized by the RJR Nabisco Holdings Corp. board Friday, a day after a dissident shareholder bailed out of the food and tobacco company.

RJR’s biggest single shareholder, Carl Icahn, disclosed Thursday he sold his entire 7.3 percent stake in the company after concluding it would be “exceedingly difficult” to win control of its board.

Icahn wanted to separate the food business, which includes Ritz crackers and Oreo cookies, from the tobacco operations, which include Winston and Camel cigarettes.

RJR spokeswoman Carol Makovich said the board’s action Friday to raise the quarterly dividend by a nickel a share and authorize the repurchase of company stock were unrelated to Icahn’s stock sale.

Steven F. Goldstone, RJR’s chairman and chief executive, said the board’s actions are a vote of confidence in the company’s future.

RJR shares were up for much of the day Friday but closed unchanged at $36.62-1/2 on the New York Stock Exchange.

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Rjr Will Attempt Big Stock Buyback

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