Word: bluhdorn
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Charles G. Bluhdorn, the volatile financial wizard who put together the $1.67 billion-a-year Gulf & Western conglomerate, has a way of buying into companies that later turn out to be holding hidden assets. Evidently, Chairman Bluhdorn thinks that the Great Atlantic & Pacific Tea Co., the money-losing supermarket chain, has a few cookies on its shelves that no one else knows about. Last week G. & W. offered a minimum price to buy 3,750,000 shares of A. & P. stock-enough, when combined with the 1,046,000 that G.&W. already owns, to give...
...officers described the deal as merely "an investment," presumably meaning that they do not plan to try for full control of the $5.5 billion-a-year food colossus. Having watched the price of A. & P. stock drop from 30 to 16⅞ over the past two years, Bluhdorn might be counting on the company's highly touted WEO (Where Economy Originates) discounting campaign to turn earnings around, after which he could sell off at a profit. Trouble is, while WHO has boosted A. & P.'s sales, it has so far savaged A. & P. earnings. The company lost more...
Still, A. & P. just might be an attractive merger target for a man of Bluhdorn's acquisitive instincts. A. & P. has lush cash assets ($78 million at last count), a credit line of $100 million and a huge real estate inventory-all of which the supremely confident Bluhdorn may think he can put to better use than the supermarket chain's stodgy management. A. & P.'s bosses were aghast, and Chairman William Kane promised to oppose vigorously Bluhdorn's tender offer...
Vienna-born Bluhdorn, now 45 and a bit thinner and grayer than when he was the wunderkind of conglomerates several years ago, expects that The Godfather will lift G. & W. earnings close to their alltime record set in 1968. The company is likely to report sales of around $1.6 billion and net operating profits of slightly under $68 million, up $ 13 million from last year...
...revitalize the company, Bluhdorn has sold off unprofitable plants and cut staff. In addition, he says, "We brought in new top managers in almost every division." G. & W. is doing considerably better than several still troubled conglomerates, including LTV, Litton and Teledyne. Wall Street is taking notice. Last week G. & W. stock was selling in the mid-40s, way up from...