Word: campeau
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...Federated Department Stores, surrender seemed an imminent and lamentable - fate. After a long, five-week siege, the largest U.S. department-store owner had all but given up hope of fending off a takeover raid from the north by Canadian Developer Robert Campeau, who had offered $6.1 billion, or $68 a share, for the Cincinnati-based retailer. But as happens routinely in romances and rarely in corporate struggles, the whitest knight conceivable appeared last week. The venerable R.H. Macy & Co., an all-American name that evokes images of Thanksgiving Day parades and the classic movie Miracle on 34th Street, made...
...Campeau and Macy's are vying to form a retail colossus. Federated (1987 sales: $11.1 billion) owns 650 stores, including such lucrative chains as Bloomingdale's, based in New York City, and San Francisco's I. Magnin. If Federated combined with either Macy's (97 stores, 1987 fiscal-year sales: $5.2 billion) or Manhattan-based Allied Stores (286 stores, estimated 1987 sales: $3.5 billion), which Campeau Corp. bought in 1986, the merger would be the largest in retail history...
...When Campeau made his initial offer for Federated on Jan. 25, the company's management was aghast. Since taking over Allied, Campeau has arranged the sale of 16 of the company's 22 divisions and sent scores of top executives packing; all told, he eliminated an estimated 4,000 jobs. Federated feared a similar dismemberment at the hands of Campeau, 63, a self-made French-Canadian tycoon who may be more interested in real estate than in accumulating stores...
...will not prevent friendly mergers but will ward off hostile attacks whose only purpose is a quick profit. Raiders like T. Boone Pickens contend that the law will merely make mediocre corporate managers more comfortable. Even so, not all corporations are pleased: Black & Decker and Canada's Campeau Corp., two companies currently making multibillion-dollar takeover offers, have already begun to challenge the Delaware law in court...
...strategies like the "Pac-man" defense, in which a raided company turns around and gobbles up its attacker. Almost every corporate battle in which they have been involved has become the stuff of high drama, from Du Pont's $7.4 billion takeover of Conoco in 1981 to Canadian Robert Campeau's current $5.5 billion bid to acquire Federated Department Stores...