-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, OhWnsoNowJm6+6OHB7KPJSRiXLvWOXbjbtWY/Ct0HYQ2w2qaR7AFQkd237ScL8J7 N5WuS2ImWOhhiw3eexkm4w== 0000922423-94-000056.txt : 19940831 0000922423-94-000056.hdr.sgml : 19940831 ACCESSION NUMBER: 0000922423-94-000056 CONFORMED SUBMISSION TYPE: DEFC14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19940824 DATE AS OF CHANGE: 19940830 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: HILLS STORES CO /NEW/ CENTRAL INDEX KEY: 0000786877 STANDARD INDUSTRIAL CLASSIFICATION: 5311 IRS NUMBER: 311153510 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: DEFC14A SEC ACT: 1934 Act SEC FILE NUMBER: 001-09505 FILM NUMBER: 94545891 BUSINESS ADDRESS: STREET 1: 15 DAN RD CITY: CANTON STATE: MA ZIP: 02021 BUSINESS PHONE: 6178211000 MAIL ADDRESS: STREET 1: 15 DAN ROAD CITY: CANTON STATE: MA ZIP: 02021 FORMER COMPANY: FORMER CONFORMED NAME: HILLS STORES CO /NEW/ DATE OF NAME CHANGE: 19931015 FORMER COMPANY: FORMER CONFORMED NAME: THL HOLDINGS INC DATE OF NAME CHANGE: 19870506 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DICKSTEIN PARTNERS INC CENTRAL INDEX KEY: 0000922415 STANDARD INDUSTRIAL CLASSIFICATION: 0000 IRS NUMBER: 133537972 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEFC14A BUSINESS ADDRESS: STREET 1: 9 WEST 57TH STREET CITY: NEW YORK STATE: NY ZIP: 10019 MAIL ADDRESS: STREET 1: 9 WEST 57TH STREET CITY: NEW YORK STATE: NY ZIP: 10019 DEFC14A 1 PRESS RELEASE SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant [ ] Filed by a Party other than the Registrant [ x] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Definitive Proxy Statement [x ] Definitive Additional Materials [ ] Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12 Hills Stores Company (Name of Registrant as Specified In Its Charter) Dickstein Partners Inc. (Name of Person(s) Filing Proxy Statement) Payment of Filing Fee (Check the appropriate box): [ ] $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), or 14a-6(i)(2). [ ] $500 per each party to the controversy pursuant to Exchange Act Rule 14a-6(i)(3). [ ] Fee computed on table below per Exchange Act Rules 14a- 6(i)(4) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: 1/ 4) Proposed maximum aggregate value of transaction: 1/ Set forth the amount on which the filing fee is calculated and state how it was determined. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. 1) Amount Previously Paid: 2) Form, Schedule or Registration Statement No.: 3) Filing Party: 4) Date Filed: News Release MACKENZIE PARTNERS, INC. CONTACTS: 156 FIFTH AVENUE Jeanne M. Carr NEW YORK, NY 10010 212-929-5916 212 929-5500 FAX 212 929-0308 FOR IMMEDIATE RELEASE: DICKSTEIN PARTNERS MAILS CONSENT MATERIALS TO HILLS STORES COMPANY STOCKHOLDERS TO ELECT FOUR DIRECTORS COMMITTED TO A SUBSTANTIAL BUYBACK PROGRAM NEW YORK, NEW YORK, AUGUST 24, 1994 -- Dickstein Partners announced today that definitive consent solicitation materials are being mailed to stockholders of Hills Stores Company (NYSE:HDS). Dickstein Partners is an investment firm that through its affiliated investment funds beneficially owns 1,279,862 shares or 9.5% of Hills' combined voting stock. Dickstein Partners is soliciting consents to replace four of the eight directors of Hills Stores. If elected, the Dickstein nominees would pursue a program designed to enhance shareholder value through a repurchase of a material portion of the outstanding stock. Mark Dickstein, president of Dickstein Partners, commented, "We appreciate the job Hills' management has done rebuilding the franchise and producing positive operating results since the bankruptcy. Unfortunately, we also believe that the current board has failed to translate this operating performance into profits for stockholders in the market. We believe that the election of our nominees will produce improved value for all stockholders." Mr. Dickstein added, "We are extremely disappointed with the Hills Board's entrenchment actions since the announcement of our intent to solicit consents. The Board's total disregard for shareholder rights in adopting the poison pill, modifying Golden Parachutes for senior executives and a consultant who is also a board member, and the filing of a meritless law suit against its second largest stockholder is a waste of stockholder resources. These actions are designed solely to frustrate the absolute legal right of all Hills Stockholders to elect directors of their choice through the consent process." The Dickstein nominees include Mark B. Dickstein, the President of Dickstein Partners, Chairman of the Board of Carson Pirie Scott & Co., a midwest department store chain, a director of Zale Corporation, a national jewelry retailer, and a director of KinderCare Learning Centers, Inc., the largest provider of proprietary child care in the United States. In addition to Mr. Dickstein, the three director-nominees are Mark D. Brodsky, Vice President of Dickstein Partners and a former co-head of the bankruptcy department at the law firm of Kramer, Levin, Naftalis, Nessen, Kamin & Frankel; Mark L. Kaufman, Vice President of Dickstein Partners, and a director of Carson Pirie Scott & Co.; and Richard I. Wrubel, owner and President of Wrubel Associates, a retail consulting firm and former owner and President of Richard Wrubel, Inc., a women's specialty retailer. Consent solicitations permit shareholders to take corporate actions such as electing directors without holding a formal shareholder meeting. The record date for the solicitation of consents from Hills' stockholders is August 16, 1994. According to Hills, on July 27, 1994, there were 9,772,095 shares of Common Stock and 3,748,022 shares of Preferred Stock outstanding or an aggregate of 13,520,117 voting shares. # # # NOTE TO EDITORS: A copy of Dickstein Partners' consent statement and card and Mr. Dickstein's letter to Hills Stores stockholders may be obtained from MacKenzie Partners, Inc. at (800) 322-2885. -----END PRIVACY-ENHANCED MESSAGE-----