Word: cashes
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Dates: during 1970-1979
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...murders there last year were related to the drug trade. Oscar Toro was part of the coke-smuggling gang of Alberto Bravo, in charge of laundering money and sending it from Jackson Heights to Bogota. One day, perhaps because it was suspected that he had skimmed some of the cash or cooperated with the police, Toro returned home to find his five-year-old daughter hanged from a rafter in the basement. The bodies of his ten-year-old son and the family's babysitter were later found nearby in an abandoned post office. Toro and his wife offered...
...management. In tender offers over the past ten years, the target company has been acquired 85% of the time either by the initial aggressor or by another bidder. Even Lipton, who with his pale, bland face and dark shapeless suits looks like an ambitious bank clerk, admits: "Cash offers are rarely defeated." Two years ago, he fended off Congoleum Corp.'s cash offer for Universal Leaf Tobacco. Says a Wall Street merger and acquisition specialist: "Marty tied Congoleum up for over eight months in the courts, and it got mauled so badly that it finally went away." The legal...
...skill in fighting long delaying actions against takeovers and thus an expert on how to counteract such tactics. American Express further arranged $700 million in stand-by credits from major banks. It obviously does not need the money, but might prefer to borrow for the takeover rather than cash in some high-yielding securities...
...banks are also trying to sell their own traveler's checks. Earnings from Fireman's Fund Insurance Co., acquired by Amexco in 1968, are large (48% of the company's profits) but cyclical. Amexco stands to get a much higher profit by investing its pile of cash in a capital-intensive business like publishing instead of in securities. The company could sell magazines and books to its 9 million mostly affluent credit card holders, allow them to charge their subscriptions on the card, and, if the cardholders gave their permission, automatically renew the subscriptions without going...
...employees fear that a takeover would cramp their editorial independence, though it is hard to see how Amexco would be different from any management, including the present one. In any case, those fears have an ironic ring. In a mostly laudatory cover story on Robinson and American Express ("a cash machine"), Business Week advised in its Dec. 19, 1977, issue that Amexco's "best response" to new competition would be "to look for additional products for its affluent market, or to find other businesses that fit [its] specialized mold." Little did the staff guess that their own company would...