Word: bidness
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Dates: during 1980-1989
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FRUEHAUF. The company's troubles began after takeover artist Asher Edelman launched a $1 billion hostile bid. Following the advice of Merrill Lynch, Fruehauf acquired Edelman's 10% stake at a profit to the raider of $120 million. Some 70 Fruehauf executives then joined forces in a leveraged buyout. But when the trailer division slumped in 1987 as cost-conscious truckers cut back on new orders, Fruehauf had to strain to meet interest payments, which had climbed to $101 million a year. As other divisions faltered, Fruehauf embarked on desperate cost-cutting moves and fire sales that have hollowed...
REVCO D.S. Back in 1986 it was the largest U.S. drugstore chain. Revco plunged into an LBO that year after Herbert Haft, chairman of the Dart Group of retailing companies, made a bid for the Twinsburg, Ohio-based firm. With advice from Salomon Brothers, Revco chairman Sidney Dworkin led a $1.3 billion LBO financed largely by junk bonds that paid more than 13% interest. The company then expanded its line of merchandise to include video players and ^ electronic appliances in the hope of boosting business. Bewildered customers began shopping elsewhere, and Revco fell short of its sales and earnings targets...
...part, Paramount dropped its $200-a-share hostile bid for Time after the supreme court ruling. The decision upheld Allen's finding that Time's management acted properly when it responded to Paramount's raid by converting the Time-Warner deal from a stock swap, which required shareholder approval, to a leveraged purchase, which needed no such vote. Paramount Chairman Martin Davis said he would "continue aggressively to build our core business in publishing and entertainment." Last week Paramount agreed to sell its financial-services subsidiary, Associates First Capital, to Ford Motor for $3.35 billion, which would give the communications...
...premonitory chill among celebrities these days. Increasingly they have seen that the most fervent admirers can turn into crazed attackers. The problem has become more evident since the beginning of the decade, when Mark David Chapman killed John Lennon and John Hinckley shot President Ronald Reagan in a bizarre bid for the affection of actress Jodie Foster. There has been a rash of ugly episodes, some murderous, some merely distressing...
B.A.T immediately slapped down last week's bid. Chairman Patrick Sheehy described the offer as "no more than an ill-conceived attempt at destructive financial engineering," designed to give the raiders a quick payout by stripping the company's assets. London investors questioned the feasibility of Goldsmith's financing, while corporate chieftains feared he might set off a rash of leveraged takeover raids...