PUBCO &lt;PUBO> DECLARES DIVIDEND RIGHT

  Pubco Corp said its board declared a
  dividend distribution of one common stock purchase right on
  each outstanding share of Pubco's common stock.
      It said each right will entitle shareholders to buy one
  share of common stock at an exercise price of three dlrs.
      The rights will be exercisable only if a person or group
  acquires 20 pct or more of Pubco's common stock or announces a
  tender which would result in ownership by a person or group of
  20 pct or more of the common stock, the company said.
      Pubco said it will be entitled to redeem the rights at 0.1
  cts per right at any time before a 20 pct position has been
  acquired and afterward in certain circumstances. It said the
  exercise price will be substantially reduced in the event of an
  acquisition of 25 pct or more of common stock.
      If Pubco is acquired in a merger or other transaction, each
  right will entitle its holder to purchase, at the right's
  then-current exercise price, a number of the acquiring
  company's common shares having a market value at that time of
  twice the right's exercise price, the company said.
      The dividend distribution will be made March 31, 1987,
  payable to shareholders of record on that date. The rights will
  expire ten years later on March 31, 1987, the company said.
      Pubco said the rights are not being distributed in response
  to any specific effort to change control of Pubco, and the
  board is not aware of any such effort.
  

