Word: bluhdorn
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Dates: during 1960-1969
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Then came the black knights. First, Charles Bluhdorn, ruler of the aggressive empire of Gulf & Western, cast covetous eyes at Prince's Armour. Secretly manipulating his pawns on Wall Street, Bluhdorn acquired almost 10% of Armour before Billy could blink. In the nick of time, an ally, the Trustbusters, came to Billy's rescue and went after Bluhdorn with mace and chain. Bluhdorn wisely sold his interest in Armour to another power, General Host, whose ruler, iron-willed Richard Pistell, also coveted Prince's realm. Pistell offered Billy's shareholders a chance to trade Armour stock...
...Charles Bluhdorn tells the story, the deal was the most natural thing in the world. While vacationing in the Bahamas last December, the chairman of Gulf & Western Industries mentioned to James Crosby, chairman of Resorts International, that he had acquired 1.8 million shares of Pan American World Airways, or 5% of the total. Crosby then made Bluhdorn an "irresistible" offer to buy 900,000 shares and got an option on the balance...
Many other makers of conglomerates have joined Miller, Bluhdorn and Ling in that elite group of American businessmen who have boosted their sales to more than $1 billion a year. Henry E. Singleton, a Ph.D. from M.I.T., has built Los Angeles' Teledyne Co. into a $1 billion conglomerate in eight years by moving into metals, electronics and defense systems...
After Gulf & Western was blocked by the Justice Department from taking over Armour & Co., Charlie Bluhdorn attempted to resell his 750,000 shares to the meat packer for about $60 per share. He thought he had a deal?and an $18 million profit?but Armour Chairman William Wood Prince tried a squeeze play to drive the price down to $50. His method was ingenious. Armour made a public offer to repurchase 20% of its own outstanding shares at $50 each. If successful, the move would have increased Bluhdorn's stake in Armour from 9.8% to 12˝%, thus making Gulf & Western...
...avoid becoming an insider, Bluhdorn would have been forced to sell part of his Armour holding?at Prince's price. Angered, Bluhdorn quickly arranged to unload 150,000 Armour shares at $56 to Richard Pistell's General Host Corp., a Manhattan baking and food-freezing firm. Pistell took an option on Bluhdorn's remaining 600,000 Armour shares at $60. Thus Bluhdorn escaped the patrician Prince's trap. With great help from Bluhdorn's stock, Pistell last month captured control of Armour, despite Prince's frantic efforts to resist...