Word: bidder
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Dates: during 1970-1979
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...separate bid of $9.3 million to Boussac's receivers for 144 of the stable's horses, as well as $1.3 million for the Murty stock. Arguing that it was in the interest of Boussac's creditors to see the equine assets sold to the highest bidder, a bankruptcy court in Paris overturned the Murty deal, ordered the American to hand back his 56 horses to the receivers and told him to wait with other creditors for the return of his money...
Wylie said that state law requires cities to accept the lowest bid in purchases of more than $5000. "If the low bidder is J.P. Stevens we have to take them anyway," he said, adding that in purchases under $5000 the city council advocates a boycott if the bidder is J.P. Stevens...
...auction-bargain colt with a trainer who has never handled a big-time horse and a jockey whose skills have often been criticized. Owner Meyerhoff made an unspectacular bid of just $37,000 at the Keeneland Sales in the fall of 1977 for the sturdy son of Bold Bidder and grandson of Supersire Bold Ruler (his offspring have won six of the last nine Kentucky Derbies). Meyerhoff now spends $78,000 a year just for premiums on Spectacular Bid's $14 million insurance policy...
...odds do not seem good for McGraw-Hill's management. In tender offers over the past ten years, the target company has been acquired 85% of the time either by the initial aggressor or by another bidder. Even Lipton, who with his pale, bland face and dark shapeless suits looks like an ambitious bank clerk, admits: "Cash offers are rarely defeated." Two years ago, he fended off Congoleum Corp.'s cash offer for Universal Leaf Tobacco. Says a Wall Street merger and acquisition specialist: "Marty tied Congoleum up for over eight months in the courts...
...help fight one of the biggest takeover bids in history, McGraw hired Morgan Stanley & Co., the old-line investment banking firm that is expert in defending takeover targets or at least in forcing the bidder to raise the price. There were hints too that McGraw is shopping around for a "white knight," a buyer more to his taste. Not totally convincingly, American Broadcasting Co. denied reports that it had made an offer for McGraw-Hill...