Word: buyouts
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Dates: during 1980-1989
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...corporate blue bloods that have been bought or agreed to be acquired in 1985 include many of the biggest names in U.S. business. In the food industry, Nabisco was consumed by R.J. Reynolds, General Foods fell prey to Philip Morris, and Beatrice is going private in a leveraged buyout, a defensive tactic against a takeover that allows executives to use borrowed money to acquire a firm. R.H. Macy, one of the most celebrated U.S. retailers, is putting together a similar plan. In entertainment, the American Broadcasting Co., whose treasures include Dynasty, is now the crown jewel of the Capital Cities...
Ultimately, of course, each merger or takeover or leveraged buyout must be judged on its own merits. There are good mergers, and there are bad ones. The true danger of the current rash of mergers is that it will distract corporations from the real business of business. American firms, facing ever tougher competition both at home and abroad, need to look beyond the short- term search for a merger partner or takeover target and get back to making products and services for tomorrow's customers...
...announced that it might acquire Gulfstream Aerospace, an aircraft manufacturer, for some $640 million. Finally, Trans World Airlines continued to fend off a hostile bid from that hungry raider, Carl Icahn, who holds more than 26% of the outstanding TWA shares. The airline's executives might try a leveraged buyout, which would involve management's borrowing money to purchase the company. But Eastern Airlines has said that it was considering a bid for TWA. According to Wall Street slang, TWA is now "in play." Stay tuned...
...recorded. Ashcroft beat back the challenge of Democrat Kenneth Rothman, 49, Lieutenant Governor for the past four years. A graduate of Yale and the son of minister, Ashcroft defended his failure to prosecute dioxin polluters by pointing out that doing so precipitately might have jeopardized the federal buyout of polluted homesites...
...Washington legislators and regulators have done little besides watch the buyout binge. But pressures are building to curtail the deals. Colorado Democrat Timothy Wirth, chairman of the House Subcommittee on Telecommunications, Consumer Protection and Finance, has announced that he will study the effects of buyouts on the availability of credit as -part of an investigation of takeover tactics. Federal Reserve Board Chairman Paul Volcker, in a letter made public by Wirth, warned that the buyouts may expose companies to financial difficulties. The Federal Reserve, however, has so far declined to restrict lending for buyouts. Volcker says that measures like credit...