Word: amring
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...size of Trump's bid drew gasps as well, since it was the most ever offered for an airline and was almost 50% higher than the price of AMR shares just before the bid. But the airline industry is in the grip of takeover fever. After fending off bids from Los Angeles oilman Marvin Davis, the management and employees of No. 2-ranked United in Chicago are attempting to take their company private for an estimated $6.7 billion. And last June an investor group led by Los Angeles financier Alfred Checchi paid $3.6 billion for No. 4-ranked Northwest Airlines...
...billion, has offered to put $1 billion of his own money into the deal. The rest would come from bank loans. Trump may get the money, but politicians and air-safety experts have alleged that highly leveraged carriers might be tempted to skimp on safety measures to maintain profits. AMR released a statement last week saying it "continues to believe that excess levels of debt in the airline industry are not in the public interest...
Despite the firepower lined up on AMR's side, Trump has several factors in his favor. For one, an estimated 80% of AMR is owned by institutional investors, who generally show less loyalty to management than do individual shareholders. For another, AMR has not paid dividends to its shareholders since 1980, contending that the money would be better spent to build the company. In addition, AMR's board of directors can be removed by a simple majority vote of shareholders. Because Trump gave the company only until Oct. 20 to respond to his offer, he "has got them...
...Wall Street the takeover speculators seem to think that the Trump- Crandall fight is too close to call. AMR closed at 103 3/4 on Friday, up 17 1/4 points for the week but 16 1/4 points below Trump's bid. Some speculators were not persuaded that Trump is serious about the bid. Despite his high profile, Trump as a businessman remains an enigma. Last week Playboy magazine disclosed that a clothed Trump may grace its cover early next year. Perhaps American Airlines is just another plaything for the man who has everything...
...House panel proposes emission limits that could transform the American car. -- Donald Trump bids $7.5 billion for AMR, the parent of American Airlines. -- Boeing is hit by a strike...