Business Notes Takeovers

Make a bid, get rejected, collect millions. The strategy can work wonders. Less than two years ago, Santa Monica, Calif.-based Wickes Cos., a home- improvement and consumer-products firm, emerged from Chapter 11 bankruptcy protection and launched a series of takeover bids. Last week Chairman Sanford Sigoloff announced Wickes' latest coup: a $30 million profit on the sale of stock and options it accumulated in a $2.2 billion takeover try for Toledo- based Owens-Corning Fiberglas.

In April, Wickes picked up $3 million when it was rebuffed by Dallas-based National Gypsum. Wickes also wins by winning. The company has successfully acquired three small firms this year, including the Homecrafters Warehouse chain. Says Sigoloff, who now has $1.5 billion in spending money: "You'll be hearing from us again."