Word: arvida
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...tennis pro to lure buyers. Offered the job, Braden accepted on the condition that the company build him a tennis college of his own design and, when that got into the black, a high-tech sports-research center. Six years after the Vic Braden Tennis College opened, in 1974, Arvida Corp., which had taken over Coto de Caza, dedicated a $1.3 million research center on the site...
...another Vic Braden Tennis College, in St. George, Utah, and has an income well into six figures, two jeeps and a vacation house. Both his two children and Melody's three (from previous marriages) are grown and on their own. But Braden once more has to "save up." Arvida is pulling out of Coto de Caza, and he is trying to raise money to buy both the college and the research center...
Disney Chairman Raymond Watson, 57, and President Ronald Miller, 51, then established their first line of defense. The strategy was to buy up other companies in order to diminish Steinberg's share of Disney. On May 17, Disney agreed to buy Arvida, a Florida-based land-development firm, in exchange for 3.3 million shares, nearly 10%, of its stock. Steinberg sued to stop the deal, but a U.S. district court in Los Angeles ruled in favor of Disney. Then Disney announced plans to buy Gibson Greetings, a Cincinnati-based producer of cards and wrapping paper...
While Miller and other Disney executives have survived for now, their company emerges from its battle with Steinberg in a much weakened position. Arvida and Gibson are not natural business partners for Disney, yet they have more than doubled Disney's debt load, to $850 million...
Steinberg had sued to block the deal, saying that Disney paid too much for Arvida in an at tempt to stop a takeover. If the sale occurs, about 25% of Disney stock will be in the hands of shareholders friendly to management, hurting Steinberg's plan to gain control...