E.D.S. said the plan was not adopted in response to any known takeover threat.

The move was intended to thwart a takeover threat.

Like many of its cohorts in the 1980's, Best borrowed freely to go private and escape a takeover threat.

But after a takeover threat in 1988, the city took aggressive action on its own.

But now the takeover threat is waning while the buybacks are as strong as ever.

He added that the takeover threat is "the most oppressive type of government action that I can remember in my lifetime."

It would also shield the companies from takeover threats, making it hard for shareholders to change management.

Another motive for stock repurchase is to protect the company against a takeover threat.

Senior managers at other chains have made the same argument, yet the question remains of how real the takeover threat is to many newspaper companies.

With fewer shares on the market, a company is less vulnerable to a takeover threat.