SOUTHLAND <SLC> TARGETED IN SEC INVESTIGATION Southland Corp said it was told the Securities and Exchange Commission ordered a private investigation into Southland stock trading and statements made by the company this year. "Southland has been advised that the Commission has issued a private order of investigation concerning the trading of Southland stock during various times in 1987 and the issuance of various public statements by Southland," Southland said in a proxy statement to shareholders. Southland did not elaborate on the SEC order of investigation, and company officials could not be reached for comment late Tuesday. The SEC has a long-standing policy against confirming or denying the existence of investigations. The proxy statement, filed with the Securities and Exchange Commission, is required for a November 5 shareholders meeting called to approve the previously announced acquisition of Southland by a company controlled by Southland chairman John Thompson and members of his family. Earlier this year, a group led by Thompson acquired majority ownership of Southland through a 77 dlrs a share tender offer for 31.5 mln shares of Southland common stock. If the merger is approved, common stock still outstanding will be converted into the right to receive 61.32 dlrs a share in cash plus a fraction of a share of preferred stock.