Word: bidness
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Dates: during 1980-1989
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...Eastern Airlines prepared to embark on a new flight plan last week, another major carrier flew into the combat zone. In Minnesota directors of NWA, the parent company of Northwest Airlines, broke a week-long silence by rejecting a $2.6 billion takeover bid from a group headed by Los Angeles investor Marvin Davis. In spurning the $90-a-share offer, NWA Chairman Steven Rothmeier, 42, said his firm fully intends to remain independent. But Davis, whose group owns 3% of NWA's shares, vowed to press ahead with plans to acquire the company and its prize asset, Northwest, the fourth...
...rebuff last week was the latest in a series of dogfights between the company and its suitors. The maneuvering began on March 28, when NWA announced that another investment group had amassed a 4.9% stake in the company and might make a takeover bid. NWA promptly rejected the overture. While the unidentified group has not been heard from since, word of its interest apparently helped draw Davis into the contest. His bid pushed NWA's stock price from 68 1/4 in late March to 88 3/4 at the end of last week...
...offer faces choppy weather. Davis, a billionaire oilman, acknowledges that the buyout hinges on whether he can raise enough cash. While he claims that he can, several of his highly publicized takeover attempts have fallen through. Among them: his $3.8 billion bid for CBS in 1986. Some airline-industry experts argue, moreover, that NWA is worth about $3 billion, or at least $100 per share. Analysts estimated that the company's Pacific routes and real estate holdings, including $500 million worth of property in Japan, have a value of $2 billion by themselves. Beyond that, Northwest owns more than...
...even as NWA geared up for battle, the appearance of unity began to fade. Minnesota Democrat James Oberstar, chairman of the House aviation subcommittee, met with Davis last week and later said the billionaire's promise to build a major airline-repair center in Minnesota makes the bid "a very attractive offer." But Davis will need all his charm and cash to persuade the defiant Northwesterners...
Exiled SWAPO leader Sam Nujoma insisted that his men had already been inside the country, but his eleventh-hour bid to establish a military presence made little sense. Militarily, the guerrillas invited maximum reprisals by Namibian security forces that were all too ready and able to oblige. Politically, the bloody incursions gave the guerrillas' opponents ammunition to challenge their claim that they are the "sole and authentic" representative of Namibia's 1.25 million people...