Word: bluhdorns
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...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...
...Gulf & Western, the stakes were obviously worth fighting for. Under Judelson and Chairman Charles Bluhdorn, who put the firm together a decade ago and who remains very much the man in charge, Gulf & Western has become a $1.3 billion-a-year conglomerate by buying up some 70 companies in fields as diverse as metals (New Jersey Zinc) and movies (Paramount). But it has never been in the oil business. For its part, Sinclair is the nation's tenth biggest oil company; its 1967 sales were $1.5 billion and its profits $95.4 million. Because it has a relatively small amount...