Word: chairman
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Dates: during 1960-1969
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...furniture dealer, Bill Miller graduated from law school at the University of California in Berkeley. He was plucked from a job with a Wall Street law firm in 1956 by Textron's flamboyant founder, Royal Little. When Little retired four years later, Miller stepped into the presidency under Chairman Rupert Thompson, 63, an imaginative ex-banker. Thompson, a major stockholder, built Textron into New England's second largest company (after United Aircraft) before he turned over his chief executive's title to Miller a year...
...appetite had been whetted. He started looking for other steel companies. By reading annual reports, he became interested in Jones & Laughlin. First there was a correct but tense meeting at the elegant Rolling Rock Country Club outside Pittsburgh, then a secret hotel-room huddle in Cleveland. Though J. & L. Chairman Charles Beeghly was far from eager to sell his controlling shares, he considered Ling's offer so generous?some analysts insist that it was too generous for LTV's good ?that he agreed to go along...
After Gulf & Western was blocked by the Justice Department from taking over Armour & Co., Charlie Bluhdorn attempted to resell his 750,000 shares to the meat packer for about $60 per share. He thought he had a deal?and an $18 million profit?but Armour Chairman William Wood Prince tried a squeeze play to drive the price down to $50. His method was ingenious. Armour made a public offer to repurchase 20% of its own outstanding shares at $50 each. If successful, the move would have increased Bluhdorn's stake in Armour from 9.8% to 12½%, thus making Gulf & Western...
Another basic trouble, as SEC Chairman Budge warned last week, is that takeovers are too frequently financed with securities of doubtful future value. Such paper is commonly known to bankers and brokers as "Chinese money." The deals increasingly involve two little-understood kinds of securities...
...Sharon accused him of planning to raid its coffers to bail NVF out of financial trouble. Even Posner's prospectus admitted that the combine might well earn too little money to pay the $4,500,000 a year interest cost on the debentures. Last week, as Posner was elected chairman of Sharon, six of its directors quit...