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Show Stock shares leap as firms take over United P.C Mines A Utah firm and a New York company have filed a declaration with the Securities and Exchange Commission of their intention to take over United Park City Mines Co. United Park shares jumped 75 cents Tuesday to $2.87 on the New York Stock Exchange after the Bamberger interests of Salt Lake City and Loeb Investors, New York, made their disclosure in a 13-D filing with the SEC. The Bamberger interests own 9.6 percent of the more than 5 million UPCM outstanding shares and Loeb July 12 bought 18.4 percent of outstanding shares held by Atlantic Richfield Co. at about $2 a share. . The declaration also said Loeb Investors has agreed to buy the 12.7 percent of shares outstanding owned by ASARCO Inc. for $2.01 a share, subject to approval by the firm's board of directors. . UPCM now is not mining, but is engaged in a $6 million, 12-unit condominium in Deer Valley. Much Of its 10,000 acres of land is under lease to Greater Park City Corp. as ski terrain. United Park City Mines pioneered the resort development 20 years ago to diversify against the unpredictable metals market. The filing indicated the firms were not interested in United Park's mining operations, which have been suspended because of poor metal prices. It said the firms intend to increase share value "through the realization of the potential values of the company's real properties" in the Park City area and that they believe present market value does not adequately reflect value of real property owned. The disclosure was an apparent surprise to the financial community, as United Park's stock had been steadily trading in the $2-per-share range for months. A 13-D filing is required within 10 days of an acquisition of more than 5 percent of a company's stock. The Bamberger-Loeb filing said the group intends to seek reprsenta-tion reprsenta-tion on the board "or otherwise obtain a significant degree of influence over the policies and management decisions of the company. com-pany. It also may seek control through proxies, may propose merger or tender offer or business combination to acquire the entire equity interest of the company, the declaration says. The filing says the Bamberger entities are headed by David W. Bemolfo, Salt Lake City, who could not be reached for comment as the Record went to press. Nor could the Record reach United Park President Wheelmer M. Sears for comment in Dallas. Sears had, until April, held an option to buy Atlantic Richfield's United Park interests at $4.50 a share. Atlantic Richfield's holdings were based on original holdings of the Anaconda Co., which was acquired by the oil company in 1976. United Park City Mines was the result of the 1953 merger of Park Utah Consolidated Mining Co. and Silver King Consolidated Mining Co. |
