J. Sainsbury, London, last week agreed to buy 2 million shares of nonvoting Class A common stock of Giant Food, Landover, Md., from the estate of Israel Cohen, Giant's former chairman, president and chief executive, who died in November 1995. The deal would lift Sainsbury's stake in Giant's Class A nonvoting shares to 19.7% from 16.3%, a Giant spokesman said; Sainsbury already owns about 50% of Giant's Class AL voting stock. When Cohen died, he owned about 2.8 million shares of nonvoting Class A stock and all 125,000 shares of voting Class AC stock. In his will, he transferred all Class AC voting shares to The 1224 Corp., specifying that it can only sell the voting stock if each nonvoting Class A shareholder is permitted to sell their shares at the same price.
mediately and the balance a year later. Shareholders are slated to vote on the proposal Sept. 18. The company also reported that it plans to launch a substantial issuer bid for the purchase of up to 5 million Class A subordinate shares, or 16.6% of the total outstanding.