Word: bidding
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Dates: during 1990-1999
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Billionaire Kirk Kerkorian has ended his $22.8 billion hostile bid for Chrysler in what TIME Detroit Bureau Chief William McWhirter calls "an artless folly of comical proportions--the worst single deal in the history of money." Kerkorian, who said today through a spokesman that he has no plans to sell his 36 million shares, had offered to increase his ownership to 90% of Chrysler ina deal backed by former Chrysler chairman Lee Iacocca. "This deal simply couldn't be done," says McWhirter. "None of the traditional debt instruments were there to finance it, and no syndicate bank wanted that type...
...billion fortune was invested in low-risk government securities. Interest is one of the items targeted for massive cuts under G.O.P. budget plans -- $155 billion under Senator Pete Domenici's proposal. Moreover, the cbo states, mere passage of a credible balanced-budget plan could lead the bond market to bid down interest rates almost immediately, lowering the cost of financing the government's existing debt an additional $170 billion over the next seven years...
...fatten News Corp.'s coffers. To Murdoch, with billions jangling in his pocket, a good part of the media world must now look like so many packages wrapped with bows, just waiting for him to untie them. Late last week he grabbed for one, making a $2.8 billion bid for the three television networks of Italy's former Premier Silvio Berlusconi, which are watched by nearly half the country's TV audience. And then? "Ted Turner may want to retire," he joked mordantly at a press conference called to unveil the deal. Wall Street sat up. Could News Corp...
BONGBONG MARCOS Imelda's son trails badly in his bid for a seat in the Senate...
...complete exoneration, nonetheless seems certain to free Murdoch to re-energize his drive to build Fox into an equal of the NBC, CBS and ABC networks. The investigation slowed his progress, coming on the heels of two bold deals that sharply altered the competitive landscape. His successful pre-emptive bid in late 1993 to acquire rights to broadcast National Football League games, and his $500 million investment last year in New World Communications, which brought to Fox a stable of powerful new affiliates, changed the strategic balance among the networks...