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Sep 30, 1996

The Greenway Way

The proxy battles of the activist investors at Greenway, culminating in the reent fight over Woolworth's foot locker

Stock price bottoming out? More bad news on the way? Future looking hopeless? Maybe not... Here comes an activist... With its stock price haemorrhaging below the $10 mark in early 1996, Woolworth Corp added a surprising twist to its warning issued on January 22 to the effect that its fourth quarter and full year earnings would be below analyst expectations. A couple of days earlier, it had received from Greenway Partners a shareholder proposal to break up the company. And this was the angle taken

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