Dayton Hudson Buyout a Hoax : Report Stirs Havoc in Stock Trading
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NEW YORK — A Cincinnati stock analyst today made a bogus $6.8-billion buyout offer for retailing giant Dayton Hudson Corp. that set off wild gyrations in the company’s stock price.
The analyst, identified as P. David Herrlinger, later was fired by his employer, Capital Management Corp., and was taken for medical examination.
Herrlinger called Dow Jones News Service early today to announce the $70-a-share, or about $6.8-billion, buyout offer for Dayton Hudson, according to Anthony Covatta, a neighbor.
The Minneapolis-based retailer has been the target of takeover speculation for weeks, and news of the offer sparked a sharp rise in the company’s stock price.
Dow Jones, a financial service that is read by thousands of stock traders and other Wall Street professionals, later reported that the offer might not be bona fide.
Covatta said Herrlinger, in his mid-40s, was taken to a hospital by his wife for an examination following the call. Covatta said Herrlinger “is not well today,” but he did not know what might be wrong with him.
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