Most of these shares will be offered first to existing shareholders.

"If they're going to offer loans to shareholders, how do they determine which shareholders to lend to?"

They argue that corporations may spend money on politics without offering a rebate to dissatisfied shareholders.

Singer plans to offer 15.6 million shares at $16 to $19 apiece to shareholders in the United States and overseas.

The company said that it planned a $200 million rights offering to shareholders.

The same prices were offered to existing shareholders who might be interested in buying units for investment.

The farm's shares are sold in April of each year, first being offered to shareholders from the previous year, and then to a waiting list.

There is also a possibility that another company might now make a bid for one of the companies and perhaps offer a premium to shareholders.

"The board only offered to shareholders one option, which is Yucaipa," he said.

In the Repsol issue, the company sold 44 million of the total shares offered to individual Spanish shareholders.