Word: bidness
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Dates: during 1980-1989
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...Paramount Communications had put forward the previous week. After deliberating for ten hours on the 34th floor of the Time & Life Building in Manhattan, the board approved a double-barreled response that demonstrated Time's determination to complete its merger with Warner. Declaring that Paramount's $175-a-share bid was "not in the best interests of Time, its stockholders and its other constituencies," the board, which consists of four Time executives and eight outside directors, unanimously rejected the proposal. Said Time President N.J. Nicholas: "The $175-a-share offer does not come close to the true value of this...
...each company. The exchange could have the effect of frustrating Paramount by placing a large block of Time stock in friendly hands, and it gives Time a head start in its acquisition of Warner shares. Time also asked a federal court in New York City to halt the Paramount bid on the grounds that it reflected a "campaign of deception and manipulation" to derail the Time-Warner merger. The suit alleged that Paramount feared the competitive impact of a Time-Warner combination and was intent on keeping such a merger from taking place. Said Nicholas: "I'm convinced that Paramount...
...Wall Street investors took a cautious first look at the proposed Time- Warner cash bid. Time stock, which had closed at 180 on Tuesday on rumors that major new bidders might enter the fray, fell to 162 1/2 a share on Friday. Warner stock rose to 59 1/4, up 3 1/8 for the week, and Paramount, which was also the subject of takeover rumors, closed at 58 1/8, down 1. Many takeover speculators, some of whom own stock in all three companies, seemed perplexed at the growing complexity and unpredictability of the triangular struggle...
Critics of the deal complained that it would not quickly raise Time's stock to the level of Paramount's bid. "Time management had a plan to build an empire, and somebody threw a wrench into that plan by offering the shareholders a better price," said Ralph Whitworth, director of the United Shareholders Association, a Washington-based advocacy group. "It should have been left up to the shareholders to decide" how to vote on Paramount's proposal. Disappointed Time stockholders may be inclined to bring lawsuits accusing the company of failing to look after their immediate interests. Said...
...cash flow of $2 billion, which would be tapped for loan payments. "These are great organizations with very good cash flows, so the debt doesn't have to be a negative," observes William Farley, chairman of Chicago- based Farley Industries, which took over West Point-Pepperell in a hostile bid this year. But, he adds, "it takes a certain kind of management to deal with that kind of debt. You're that much closer to the edge. You can't afford to make all that many mistakes...