Word: buyouts
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...would become Canada's largest corporate takeover, and it is already a political football. When the House of Commons returns to work this week from Easter recess, lawmakers may take up the proposed $3.9 billion buyout of Dome Petroleum by the Canadian arm of Chicago-based Amoco, fifth largest U.S. oil company. Dome's board, faced with $4.9 billion in debt, last week accepted the offer. But Toronto-based TransCanada PipeLines, which underbid Amoco by $600 million, vows to keep up the fight...
...employee buyout offer that kicked off the rumpus gestated for two years. It emerged from a bitter 29-day pilots' strike against United over a ^ two-tier wage scale that provided lower pay for new hires. After the dispute, F.C. ("Rick") Dubinsky and other leaders of United's branch of the Air Line Pilots Association began nurturing the buyout notion, which the union members code-named "Operation Stealthco...
...calls for employees to buy the airline by raising $2.3 billion and assuming $2.2 billion worth of the airline's debt. United pilots, who earn as much as $156,000 a year, have volunteered to give up anywhere from 5% to 25% of their salaries to help make the buyout work. A representative of Lazard Freres, the investment banking firm that employees have enlisted to help raise cash for the takeover bid, pronounced the venture "viable." One notable believer in the scheme was Defense Attorney F. Lee Bailey, who anted up a $1.5 million loan at the Chicago rally, where...
...buyout spree has created yet another powerful incentive for restructuring: fear of takeover. In many cases, corporations have fought off raiders only by buying up huge amounts of their own stock, and along the way accumulating huge amounts of debt. Once the threat has passed, firms have been forced to restructure to regain profitability. In other cases, they have slashed costs and boosted profitability precisely to keep their stock prices above the level at which they would attract bargain-hunting takeover sharks, who are likely to chop far more brutally and indiscriminately than the present managements. No less a titan...
Most stunning was the news that the SEC had subpoenaed 15 employees of Shearson Lehman Brothers, including its chairman Peter Cohen. The agency is investigating the $482 million buyout of Sheller-Globe, a Toledo maker of auto parts, by a group that included Shearson, the investment arm of American Express. Sheller-Globe's shares surged just before the buyout was made public, rising from 28 3/8 on Jan. 10 to 44 on Feb. 19. That sort of sudden movement in a stock often suggests that illegal insider trading may have taken place...