Word: arco
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Dates: during 1980-1989
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...five-story center, on the corner of Eliot and John F. Kennedy Streets, features the plush, 175-seat Harry Starr Auditorium, the 80-seat Edwin H. Land Hall, the Alexander Graham Bell Hall, and the Belfer Center's version of the ARCO Forum, dubbed "Town Hall...
...these free-enterprise Olympics as much by the television commercials as by the players. Benoit and her teammates moved to a chorus of marketplace acknowledgments that "feminine" has been redefined. "These women have a dream," exulted an Avon spot over a shot of women donning their running shoes. The Arco tots, a pack of three-or four-year-old boys and girls, raced toward the camera. As a little girl in pigtails broke the tape, her look of triumph bespoke a fu ture unimaginable even ten years ago. Once she would have been called a tomboy. Now she is called...
...Pickens heard about the rebuffed Arco bid, and sold $300 million of securities to come up with the cash for a $65/share bid for about 12 percent of Gulf's shares, to add to the 9 percent of the company he already controlled...
Gulf was scared, so scared that, to fend off Pickens, it went public on February 24. As the oil world shook itself out, three buyers emerged by the March 14 purchase deadline--Arco at $72, Socal at $80, and an extremely complicated offer worked out by some Gulf executives with the help of a financial house which specializes in this kind of corporate jihad. Although the in-house offer would have reaped the most--$87 per share with plans to spin off the least profitable branches of the company to increase its overall attractiveness--it was too complex...
...course, the deal is creating losers as well. Atlantic Richfield, for example, outbid by Socal for Gulfs stock, will have to pay several million dollars in fees to the 61 banks that raised $12 billion to support the Arco offer. Setbacks have also befallen investors, many of whom began selling their Gulf shares last week as the market turned against them, fearing that the merger would be blocked. Said one speculator: "We got hurt two days in a row on this. What's the sense of being right if you're losing money...