Word: bidness
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Dates: during 1980-1989
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...Craig McCaw, the 39-year-old chairman of the company, which is based in Kirkland, Wash., the bid for LIN caps a stunning sprint of growth. Since 1973, McCaw has parlayed a backwater cable-TV franchise into a cellular firm with annual revenues of $311 million...
...line was Martin Davis, chairman of Paramount Communications, a onetime industrial conglomerate that had changed its name from Gulf & Western just the day before. Davis had a stunning message for his fellow chief executive. Although Munro had assurances from Davis that he would not mount a takeover bid for Time, Davis was reneging: he declared that Paramount was launching an offer to acquire Time for $175 a share, or $10.7 billion. Time stock had closed at 126 that...
Paramount's tender set the stage for a clash of media titans that could lead to months of multibillion-dollar broadsides, legal pyrotechnics and dangerously unpredictable consequences. The Paramount bid came just 2 1/2 weeks before shareholders of Time and Warner Communications were to vote on merging their firms into the world's largest media company, with total revenues of $10 billion. But the sudden strike by Paramount, whose operations include one of Hollywood's top movie-and-TV studios and the giant publishing house Simon & Schuster, disrupted those plans and threatened to provoke a free-for-all in which...
...bid, which was 35% more than Time's stock price before the offer, exploited the dissatisfactions of many on Wall Street who had long cherished the notion that Time was worth more in pieces than whole. Since the merger agreement was reached on March 3, some investors had complained that the terms provided Time shareholders with no immediate financial reward. Reason: the agreement called for a debt-free swap of 0.465 shares of Time stock for each Warner share...
...those who admired the Time-Warner deal, an old-fashioned debt-free and tax-free stock swap between friendly companies, the Paramount bid raised disturbing doubts about whether corporate America can free itself from the frenzied deal making, staggering debt loads and ultimate dismemberment that have plagued U.S. industry in the 1980s. Among other considerations, the absence of heavy leverage in the Time-Warner arrangement was aimed at helping the merged company compete globally against such foreign media giants as West Germany's Bertelsmann and France's Hachette...