REICHHOLD CHEMICAL &lt;RCI> SETS ANTI-TAKEOVER PLAN
  Reichhold Chemical Inc said its
  board adopted a warrant dividend plan in which one preferred
  stock purchase right will be distributed as a dividend on each
  common share outstanding.
      The company said its warrant dividend plan is designed to
  protect its shareholders against unsolicted, coercive attempts
  to aquire control without making an adequate offer for all
  shares.
      Reichhold said the adoption is not a response to any
  specific takeover attempt.
      Reichhold said each right will entitle shareholders to buy
  one one-hundreth of a share of a newly created series of
  preferred stock at an initial exercise price of 120 dlrs, with
  dividend and voting rights approximately equal to those of one
  share of the company's common stock.
      The rights will be exercisable only if, without Reichhold's
  prior consent, a person or group a acquires 20 pct or more of
  the voting power or announces a tender offer which would result
  in 20 pct ownership, the company said.
      Reichhold said it is entitled to redeem the rights at five
  cts apiece before a 20 pct position has been acquired, or
  before an existing 20 pct shareholder buys an additional two
  pct or more of the voting power of the company, or in
  connection with certain transactions afterward.
      The tax-free distribution will become effective May 1,
  1987, and will expire 10 years later, the company said.
      Details of the plan are outlined in a letter to be mailed
  to stockholders.
  

