Word: alden
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...Power to the people! Frank Alden Bovey III '67 Robert Sampson Buritz Jr. '67 Peter R. Christy '67 Rev. Douglas A. Maisel...
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...
...heavy losses and plunging stock prices-that almost cost him his empire. The maneuver strengthens his hand against possible attacks by other acquisition artists. It will also allow Rapid-American, which Riklis estimates earned about $10.9 million last year on revenues of $925 million, to report 62% of Glen Alden's earnings. Last year Glen Alden made a $22 million profit (up from $18 million in 1967) on sales of $788 million...
...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...
...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...