Word: bidness
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Dates: during 1980-1989
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Because Edelman feels that U.S. attitudes toward raiders have become too hostile, he now prefers to stalk European game. Yet his magic touch is fading. In June, Edelman made a failed bid for Storehouse PLC, a British retailing giant. Since then Storehouse's profits and stock price have plunged, wiping out some 35% of the value of Edelman's stake...
Before Jakes could fashion a response, events exploded. On Friday, Nov. 17, Prague riot police cracked down on student demonstrators. With his authority rapidly crumbling, Jakes launched a last-minute bid to crush the uprising. Advised by Czechoslovakia's military that it would take no part in a violent action against the populace, Jakes turned in desperation to the People's Militia, units composed mostly of factory workers that function in effect as the Communist Party's private army. Beginning Nov. 19, militia units were deployed at factory gates and inside industrial compounds around the country. Care was taken...
When an attempted buyout of UAL, the parent company of United Airlines, collapsed two months ago, the news sparked the minicrash of Oct. 13. Now the failed bid is the talk of Wall Street once again, this time because of a Wall Street Journal report that bankers and lawyers will earn $58.7 million in fees for the deal, despite its downfall. More than $8 million will go to the investment firm Lazard Freres, which advised United's pilots union in the labor-management bid to buy the carrier for $6.8 billion...
...obliged to pay the bills because it accepted the proposed bid, which fell apart when the banks could not raise enough money to finance the buyout. (Citicorp and Chase Manhattan will receive a total of $8 million for their work.) The fees have infuriated some UAL shareholders, since the payments will come out of the company's profits...
Michael Adams scored 18 of his 20 points in the second half as the Denver Nuggets wiped out a 16-point deficit last night and stopped Boston's last-gasp bid to edge the Celtics...