Business Notes Takeovers

Oil companies may flinch at the sight of Corporate Raider T. Boone Pickens, but in the retailing business the marauders to watch out for are Herbert Haft, 65, and his son Robert, 33, of Washington. As the owners of Dart Group, which runs the Crown Books and Trak Auto chains, the Hafts always seem to be shopping around for a major retailer. In the past two years they have bought large blocks of stock in May Department Stores and two pharmacy chains, Jack Eckerd and Revco. In each case the Hafts' move drove up the price of the stock in the target company, and they sold their shares at hefty profits.

Last week the father-and-son team made its largest takeover bid ever as Dart Group offered $3.6 billion, or $58 a share, for Oakland-based Safeway Stores, the biggest supermarket chain in the U.S. Though the Hafts have the retailing expertise to enter the grocery business, some Wall Streeters think that the raiders once again intend to pass through the express checkout line to a quick profit. They already own 5.9% of Safeway's shares, which they bought earlier this year at an average price of about $42 a share. Since Safeway stock rose last week to $57.25, the Hafts could sell out now for a gain of close to $60 million.