Word: alden
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Dates: during 1960-1969
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Last week Riklis, 45, completed a major step in that direction. In a somewhat serpentine financial maneuver, Riklis last December had Rapid-American Corp., the keystone of his corporate complex, make a friendly tender offer designed to strengthen his holding in Glen Alden Corp. Glen Alden is a onetime coal company that Riklis has been using for acquisitions in such areas as Playtex underwear, B.V.D. shorts and, most recently, Schenley Industries. The company had been under the rather tenuous control (14%) of McCrory Corp., a retailing outfit that is 51%-owned by Rapid-American. Thus, by exchanging Rapid securities worth...
...Clarke Wescoe, chancellor of the University of Kansas since 1960, announced last week that he will resign in June. He is only 48. Two weeks ago, Vernon R. Alden revealed that he will leave the presidency of Ohio University after just six years...
Enough Schenley stockholders accepted a tender offer to give Riklis' Glen Alden Corp. 88% control of the big distiller (1967 sales: $518 million). Fat with $323 million in working capital, Schenley was a tempting merger plum. As befits Riklis' guiding philosophy-described as the art of buying companies with their own money-Glen Alden is paying for Schenley mostly with promissory paper. For each H Schenley shares, worth about $85 in the stock market, Schenley stockholders get $13 in cash; they also get a $100 debenture that pays 6% annual interest until its 1988 maturity. Riklis can thus...
...rebound principle apparently works in matters of business as well as affairs of the heart. Early this year, when cigarette-making Lorillard Corp. tried to merge with Schenley Industries, it was rebuffed in favor of the Glen Alden Corp. Meanwhile, Loew's Theaters Inc. was scorned when it attempted to merge with Commercial Credit Corp., which opted instead to merge with Control Data Corp. Last week the two losers got together on the rebound. In a complicated swap of Lorillard stock for that of Loew's (value of the exchange: at least $418 million), the two companies plan...
Vera List is the wife of Albert A. List, former chairman of the diversified Glen Alden Corp. (movie theaters, retailing, textiles), and she does not exactly have to work for a living. She feels that seeing good contemporary art is as necessary as "reading a newspaper, so you'll know what's going on in the world," and that posters are one way to keep the man in the street posted. Her program got under way in 1961, when the List family foundation made a grant of $200,000 to New York's Lincoln Center...