Word: ands
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Dates: during 1980-1989
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Prince of the Panhandle. T. Boone Pickens has few regrets about his raiding career. "Our motives were sincere," says the Amarillo, Texas, oilman. "We believed we could run those companies better than they were being run." Pickens, 61, never managed to acquire such energy giants as Gulf Oil, Phillips Petroleum...
Since those heady days, a battle-weary Pickens has abandoned the U.S. takeover field and gone hunting in Japan. But he has been stymied in a drive to win four seats on the board of Koito Manufacturing, a Tokyo auto-parts maker in which he controls a 20% share. Pickens...
Financial woes are not the raiders' only big headache. Their past attacks have led U.S. companies to fortify anti-takeover defenses, making it harder for new raids to succeed. And the long Wall Street bull market has raised stock prices, leaving fewer targets for bargain-hunting buccaneers.
As the Roaring Eighties reach an end, the verdict on raiding is becoming clear. Defenders of the practice insist that raiders have made U.S. industry more competitive by forcing bloated companies to slim down and shape up. Yet the towering debt loads piled up during the raider era -- by both...
Although it has long been famously neutral, Switzerland, as an English scholar once wrote, "has been in a state of war every weekend since 1945." The gibe has more than a little truth to it. On weekends rifle ranges around the country resound with the din of thousands of Swiss...