Word: buyouts
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...takeover party and no investors came? Las Vegas financier Kirk Kerkorian was in that predicament last week as his bid to acquire Chrysler for $23 billion, or $55 a share, seemed close to collapse. Not a single bank or financial partner has come forward to provide cash for the buyout since Kerkorian and former Chrysler chairman Lee Iacocca proposed it on April 12. That lack of support has caused Chrysler stock, which jumped nearly $10 a share to $48.75 on the day of the announcement, to fall back since then and close last week at $43.25. "This deal is dead...
...wants his company back. He and billionaire investor Kirk Kerkorian are attempting to buy the No. 3 automaker for $22.8 billion. Their lavish, unsolicited $55 per share proposal -- more than 40 percent above yesterday's closing stock price -- would be the biggest U.S. corporate takeover since the $25 billion buyout of RJR Nabisco by Kohlberg Kravis Roberts in 1988. Today's surprise announcement boosted Chrysler stock and prompted Chairman Robert Eaton to scrap a scheduled New York auto show speech.TIME Detroit bureau chief William McWhirtersays Chrysler is well positioned to fight a takeover because of its profitability, as well...
Carnesale did acknowledge that he had received a letter from Nichols president and chief executive officer Lynn L. McCarthy asking the University to pull out of the buyout effort...
Nichols refused to negotiate with the partners, according to the statement released by the company last week, because the buyout proposal lacks a "long-term vision for the future...
Nichols has refused to negotiate, according to a company statement, because the buyout proposal lacks a "long-term vision for the future...