Word: buyouts
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...corporate marriages range across the breadth and depth of American business, from banking to pharmaceuticals to telecommunications. Defense? Try Northrop's $2.1 billion buyout in April of aircraft maker Grumman, which had also been sought by Martin Marietta. Retailing? Federated paid $4.1 billion for R.H. Macy last month in a merger that created America's largest department-store company. Wireless phones? U.S. West and AirTouch Communications agreed two weeks ago to pool their cellular operations into a business with total sales of $13.5 billion and nearly 2 million subscribers...
...board of cable network QVC this week officially accepted the sweetened $46-a-share buyout offer from Comcast and Liberty Media that sabotaged last month's heralded merger with...
...billion annually over the past three years. Wolf's determination to demand deep new pay cuts and layoffs, which might have triggered a bitter and costly strike, helped bring about the current deal when UAL's board decided to buy labor peace by accepting the employee bid. Under the buyout terms, employees will select three of the 12 UAL directors, who together will possess veto power over certain issues such as asset sales and acquisitions. In exchange, the employees will put up $4.9 billion in wage and benefit concessions over 51(R)2 years, ranging from 8.25% in givebacks...
Pilots, office workers, customer-service agents and ground crews became the proud new owners of United Airlines as UAL shareholders approved an employee buyout of the Chicago-based carrier. In exchange for $4.9 billion in wage cuts and other concessions, the 54,000 new owners will receive 55% of the company, their choice of Gerald Greenwald as chairman and ceo, and three seats on the board of directors...
According to several sources, QVC's subsequent offer included a cash buyout of CBS, a move CBS declined. Then Diller, with Lipton and Herbert Allen of Allen & Co., whom Danny Tisch calls "the real financial architects of this transaction," rejiggered the proposal as a merger between equal parties. "Around June 10," recalls Danny, "we sat down -- my father, my brother Jimmy, who is executive vice president at Loews, and I -- with Marty Lipton. We didn't really come up with any negatives...