Word: buyouts
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Lotus Development Corp. finally accepteda sweetened, $3.5 billion buyout offer from IBMlate Sunday, turning what would be the software industry's largest hostile takeover into its largest acquisition. "We don't care who pays our salary," one Lotus programmer told the Associated Press. "We just want more people using our software." IBM launched the hostile buyout of Boston-based Lotus last week, then negotiated slightly better terms, offering $3.52 billion, or $64 a share. TIME Boston bureau chief Sam Allis says the deal's biggest surprise lay in IBM's decision to retain Lotus chief executive Jim Manzi. "Everybody figured...
...would not be out of character. In a complaint filed in April as part of the Intuit suit, the Justice Department quoted a memo, directed to Gates, in which a Microsoft vice president told how he had tried to pressure Intuit chairman Scott Cook into accepting a $1 billion buyout offer by hinting that Microsoft might spend the money attacking Intuit in the marketplace. "I tried to tell him how much we could do with $1 billion," the V.P. wrote. "I tried to be nonthreatening, but let him know we would do something aggressively...
...Development Corp., maker of the popular Lotus 1-2-3 spreadsheet and other software. "Together, our skills match in a way that is breathtaking," IBM's chairman and CEO Louis Gerstner told a news conference. (Lotus, the third-largest PC software company after Microsoft and Novell, rejected IBM's buyout suggestions during five months of private talks, but today said it would consider the $60 per share cash offer, which amounts to twice its market value.)TIME senior technology editor Philip Elmer-DeWittsays the move, which would be the biggest takeover ever in the software industry, would enable...
...region suffered two years ago. Reason: fewer people now live in the most vulnerable parts of the flood plains. Thousands of home owners have relocated to higher ground in the past two years, thanks in part to a change in federal flood insurance law. The new policy includes a buyout of property owners living in high-risk flood plains and requires people who remain in such areas to buy flood insurance to be eligible for many kinds of disaster...
...same period a year ago. Further declines in business could hit Chrysler particularly hard under the plan advanced by Kerkorian, which would load up the company with $10.7 billion of new debt while draining $5 billion from its $7.5 billion of cash reserves to help pay for the buyout. Chrysler has done its part to kill the deal by hinting that it would stop doing business with investment-banking firms that raised money for the takeover...