Word: buyout
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...Eastern's final shareholders meeting, 200 employees turned the session into a shouting match as they accused the carrier's managers of "giving away the company" to Lorenzo's corporation, Texas Air. Eastern workers, who own 20% of the airline's stock, pleaded with management to consider their rival buyout plan, insisting that they could pay $11.25 a share to top Texas Air's bid of $10. But since Lorenzo's company owned at least 51% of Eastern's voting stock, Texas Air controlled enough votes to ensure the $676 million takeover. A federal court in Miami rejected an employee...
More intriguing was the notion that mighty Citicorp was studying ways to acquire all or part of BankAmerica. Until a new California law takes effect in 1991, an outright buyout of BankAmerica by the New York institution is impossible. Federal bank regulators would also have to approve the move. Just as important, it hardly seemed likely that Tom Clausen had come out of retirement merely to preside over the sale of the empire that he did so much to build...
After the meeting, Tisch told TIME his first reaction to Wyman's Coca- Cola proposal was "shock." He had heard "rumors" that various other companies were eyeing CBS for a possible buyout, Tisch added, "but I didn't think any of it was real. It was a complete surprise to me. Eventually I said that when I bought stock in this company it was with the intention of maintaining CBS as a completely independent company. I said that the CBS stock of Loews Corp. was not for sale. It was very upsetting...
...high profile of a T. Boone Pickens or a Carl Icahn. Case in point: Kohlberg Kravis Roberts, a clannish, almost obsessively reclusive investment-banking firm that often determines the fate of giant corporations. Kohlberg Kravis is Wall Street's master of a generally friendly form of takeover, the leveraged buyout. In an LBO, a small group of investors buys a company's stock with mostly borrowed money and takes the corporation private. Last week Kohlberg Kravis and a group of outside investors announced that they would do an LBO of the largest U.S. supermarket chain, Safeway Stores, for about...
Under the terms of the buyout, United will pay $50 million for Denver-based Frontier by this week, a clear sign of People's desperation for cash. After dropping an estimated $103 million in the first half of the year, People was believed to have less than $50 million in cash on hand, and is still losing about $4 million a week. Even so, the decision to sell off some of the company's assets was not made voluntarily by People Founder and Chairman Donald Burr. The move was forced on Burr by the remaining board members. The insurgents were...