Word: borges
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There sure isn't. The game is dominated by strong-willed individualists, led by the fiery Connors, 26, and the icy Bjorn Borg, 22, his great Swedish rival, who compete in a series of tournaments round the world for big money that is getting bigger all the time. Borg has earned $661,000, Connors $519,000 and Vitas Gerulaitis $425,000 to date this year...
...should an aggressive, well-managed firm want to buy Firestone, the most troubled tire company in the land? Ask Borg-Warner (1977 sales of $2.03 billion), which last week announced a proposed merger that is really an $870 million takeover of the much larger tire and rubber maker ('77 sales: $4.4 billion). The advantages are clearer for Firestone and its unhappy stockholders than for Borg-Warner, which makes auto parts, air-conditioning gear, chemicals and plastics...
...other hand, Borg-Warner seems to be getting a bargain. In a complicated exchange of stock, it would pay about $15 a share for Firestone. That is some $2 above the market price before the offer but far less than last year's $24 high and well below Firestone's book value of about $25 a share, or $1.5 billion. Aside from collecting assets cheaply, Borg-Warner would be buying 1) protection from a possible unwelcome bidder for its own company, 2) a sizable paper loss from the 500-series recall that could be used to reduce future...
Firestone still, faces a Government fine, countless lawsuits over the 500-series tires, and the possibility that the bad publicity may deflate sales of its new, different 721-series tires. Borg-Warner seems prepared to accept these risks, but the deal may still not go through. Washington trustbusters could easily challenge a marriage that would be one of the largest in U.S. business history...
...simple life portrayed by Estes turns out to have been an elaborate front. Last week federal prosecutors disclosed in a Fort Worth courtroom that as early as 1974, Estes was back wheeling and dealing. One deal involved conning a leasing operation of Borg-Warner Corp. of Chicago and other firms into paying for some nonexistent steam cleaners, used in washing down oilfield equipment. Estes then arranged for Wallace Oil Co. to pretend to lease some of the phantom cleaners. When the Chicago firm sent a representative to see its equipment, he was, according to a Justice Department official, "given...