MILLER TABAK HAS 91.8 PCT OF PENN TRAFFIC <PNF>
<Miller Tabak Hirsch and Co> said it
has received an accepted 3,424,729 common shares of Penn
Traffic Co in response to its 31.60 dlr per share tender offer
that expired Friday, and together with the 380,728 shares it
already owned, it now has about 91.8 pct of Penn Traffic.
    The company said Penn Traffic is expected to hold a special
shareholders' meeting later this month to approve a merger into
Miller Tabak at the tender price.
    It said two Miller Tabak representatives will be named to
the Penn Traffic board on March Four to serve as the only
directors with Penn Traffic president and chief executive
officer Guido Malacarne.
    The company said it received financing for the transaction
from First National Bank of Minneapolis and Salomon Inc <SB>.
 Reuter
