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Goldsmith Takes Over At Crown Z
Sir James Goldsmith's takeover attempt has succeded in bringing the management of Crown Zellerbach Corp., San Francisco, Ca., to its knees. He is now chairman of the forest products company.
After he acquired over 5OVo of the outstanding common shares, there was nfile CZ could do, despite their poison pill defense. William T. Creson, former chairman, remains president and chief executive. Roland A. E. Franklin, a Goldsmith associate, was named vice chairman, a newlycreated position.
Zellerbach and Goldsmith have set up a six person committee to study four possible plans of action for the company. Goldsmith and three of his associates will work with Creson and two other directors. Plans to be considered include splitting the company into three separate entities; selling more CZ shares to Goldsmith; a self-tender by 7nllerbach for about 5 million shares; possible sale of company assets. A decision is due Nov. l.
Analysts feel that Goldsmith will attempt to do what he did with Diamond International Corp. After acquiring the company in the early 1980s, he disposed of most of the assets, retaining the timberland.
Creson, in discussing the takeover, said that 75Vo of the board will have to approve any action. "Any modification of the company will be consistent with the strategies we have been working on and it doesn't represent anything our stock holders need to be concerned about," he said.
Crown Zellerbach corporate headquarters will remain in San Francisco, at least for the present.
