Word: cash
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Dates: during 1960-1969
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Both Ralston and Stolle have worked hard at improving techniques since they turned pro-Ralston has added more spin to his service, Stolle has shortened his backswing on ground strokes. Both agree that they are playing better tennis now because they are working on an above-the-table cash basis. Simply enough, says Ralston: "It's worth a lot more money to go all the way than to be eliminated before the final round...
...with a profit of $2,000,000 from its Chicago short-haul service last year, is one of the few U.S. railroads that earned money on that kind of traffic. Or accomplishing unlikely mergers: in a recent move that caught Wall Street by surprise, Heineman announced that for cash and stock exchanges totaling $367 million, the C. & N.W. was acquiring Essex Wire Corp. (annual sales: $375 million), a Fort Wayne, Ind. firm that makes wire, cable, switches and auto parts in 54 U.S. and Canadian plants. The railroad seems to be getting a bargain. Essex itself last week announced that...
...anxious to acquire Hollywood's latest status symbol that he doesn't even bat an eye at the $175,000 price tag. Well what is it, for heaven's sake? Nothing less than their own golf tournament, with the boys and their pals putting up the cash and getting the whole thing named after them. It's all two-bit Nassau, though, compared with what Jackie Gleason, 51, has in mind for 1970: an annual $500,000 Jackie Gleason Open to be played at his $15 million Miami "golf stadium," which will have terraced, three-level...
Masking the Ambush. Having ferreted out a likely target, often a firm with somnolent management, surplus cash, unused debt capacity or a low return on its capital, attackers go to great lengths to mask their ambush. While Pennzoil planned its takeover of United Gas Corp. a year and a half ago, says Pennzoil Financial Vice President J. H. Young, "my own secretary didn't know what was going on. If there had been any leak, the price of United's stock would have gone so high that we might not have wanted to monkey with it." Even...
Protecting the Stockholder. Despite their swift ascendancy, cash tender bids remain beyond the scrutiny of the SEC-a fact that enhances their popularity. But the SEC feels that "the unwary public" needs protection, notably more information to help stockholders evaluate confusing claims of rival tender offers. Accordingly, the commission is backing a bill by New Jersey's Democratic Senator Harrison Williams that would require a tender bidder to disclose his name, financing arrangements, and any plans he has for the firm. Though most brokerage firms and investment bankers favor regulation, many disagree with one part of the bill, which...