Word: bidding
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With the labor agreements in hand, Icahn sweetened his bid to $24 a share, or a total of more than $500 million for the two-thirds of the airline's stock that he did not already own, topping the Texas Air offer by $1 a share. Lorenzo countered at week's end with a $26-a-share bid, but' Icahn disregarded this last-ditch offer, saying that he would continue to purchase TWA stock and close in on the 51% total needed for outright control of the company. Said Icahn's ally Hoglander: "Full steam ahead and damn the torpedoes...
...more strained after Jordan's Hussein put together his Feb. 11 agreement with P.L.O. Leader Arafat to reach a negotiated Middle East settlement with Israel. The signs of rapprochement between Hussein and Syrian President Hafez Assad raised the long-term possibility of an even more broadly based regional peace bid...
...party, the Chama Cha Mapinduzi, or Revolutionary Party. He will run unopposed in popular elections scheduled for this week. Meanwhile, in other parts of Africa, voters in the Ivory Coast (pop. 10 million) are expected this week to endorse 80-year-old Félix Houphouët-Boigny's uncontested bid for a sixth five-year term as President. In Liberia (pop. 2 million), however, opposition politicians continue to allege fraud in the recent balloting that President Samuel K. Doe, a former army sergeant who first came to power in a 1980 coup, says gave him a popular mandate...
...them as a weapon to defend against hostile takeovers," says Burton Malkiel, dean of the Yale School of Organization and Management. Directors of Storer Communications, a major cable-TV operator, voted last summer to take the company private for $93.50 a share, rather than accept a $95-to-$96 bid from Comcast, a smaller cable company. Revlon pursued a similar path last month when it arranged a complex $1.8 billion transaction that would break up the cosmetics firm but keep it out of the hands of Pantry Pride, a Florida retailer. Revlon suffered a setback last week when a court...
...They can be viewed as offers made by internal raiders," notes Alfred Rappaport, professor of accounting at Northwestern University's Kellogg School of Management. In one snarled battle, investors, led by the former chairman of a Beatrice acquisition, offered nearly $5 billion for Beatrice, which last month rejected the bid. Now Beatrice (fiscal 1985 sales: $12.6 billion) may be turning to outsiders for help. Said one Chicago lawyer: "Their investment bankers are burning up the phone lines looking for a white knight...