Word: bidness
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Dates: during 1980-1989
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...start their weekend. Not so at the headquarters of Paramount Communications, formerly Gulf & Western, where the company's 14-member board of directors was making a high-stakes decision. Just 30 minutes after trading closed on the New York Stock Exchange, Paramount announced that it was increasing its hostile bid for Time Inc. from $175 a share to $200, thus raising its total offer from $10.7 billion to more than $12 billion...
...move was calculated to turn up the heat on Time, which had rejected Paramount's initial bid two weeks ago and instead pressed ahead with its planned merger with Warner Communications. To that end, Time and Warner on June 16 converted their original debt-free stock swap into a leveraged takeover bid in which Time would buy Warner for a total of up to $14 billion in cash and securities, a step that, among other things, eliminated the need for the deal to be approved by Time stockholders...
...rejecting Paramount's bid and going its own way, Time contends that the $175-a-share offer was never really credible. Nicholas noted that it was contingent on "substantial conditions" that included Paramount's ability to obtain financing and the approval of regulatory agencies...
...persuading the Federal Communications Commission and some 750 local governments around the country to transfer to Paramount the licenses and franchise rights for cable- TV units operated by Time's 82%-owned American Television and Communications. Getting approval for such transfers "would be difficult even without a hostile bid," says Ross, "but now we'll be challenging them every inch of the way." As the three-way takeover battle wears on, it is likely to be fought in just that contentious manner -- in the courts, the stock market and the corporate trenches...
...company rejects Paramount's hostile takeover bid and refashions its agreement to acquire Warner in a deal that could ultimately cost $14 billion and create a heavy load of debt...