Word: amexco
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...meeting was brief and cordial, and McGraw did not then answer. The next morning he said he was "negative" and asked stockholders to do nothing until the board meets this week to study the offer. The Amexco bid comes to $34 a McGraw-Hill share, a fat premium over the $26 market price just before the bid. But Harold McGraw, grandson of the company's founder and a man set in his ways, wants to keep the family in command...
...drama began Monday when James D. Robinson III, Amexco's 43-year-old chairman, walked into the office of Harold McGraw, 61, chairman of McGraw-Hill. Robinson brought with him Amexco President Roger Morley, who is also a McGraw-Hill director; Morley earlier had dropped some hints of Amexco's interest, but they were so subtle that McGraw may have failed to pick them up. The two American Express chiefs gave McGraw a letter proposing that Amexco buy all of McGraw-Hill's stock for $830 million in cash, or cash and Amexco stock if McGraw-Hill...
Wall Streeters expect Amexco to win, though it probably will have to raise its bid above $40 a share. McGraw-Hill has prospered: between 1971 and 1977, earnings increased from $19.8 million to $51.4 million. But it has an image of unadventurous management, and the stock has declined from a high...
...feuding family directly owns about 12% of the stock, and perhaps as much as 23% when the holdings of other relatives and family trusts are counted. Last week most family members publicly backed Harold McGraw, but some hinted that they might vote with their pocketbooks if Amexco sweetens its price. Indeed, one much rumored reason for Donald McGraw's leaving the company was that he was willing to listen to takeover bids while Cousin Harold...
...Howard L. Clark, who was chairman from 1960 through early 1977, revenues soared from $75 million to $3.4 billion, and profits hit $262 million. Growth has continued under new Chairman Robinson, the workaholic scion of an Atlanta banking family and protégé of Family Friend Clark. But Amexco has largely saturated the market for high-income holders of credit cards, and competitor Visa and some major banks are also trying to sell their own traveler's checks. Earnings from Fireman's Fund Insurance Co., acquired by Amexco in 1968, are large (48% of the company...