Word: counterbids
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...INDICATORS Call waiting? Capping a flurry of merger activity in the U.S. telecom sector, MCI accepted a $6.75 billion takeover offer from Verizon Communications, after spurning an $8 billion bid from rival Qwest Communications International. By week's end, Qwest had announced plans to counterbid...
JAMES CROSBY, CEO of U.K. bank HBOS, abandoning a potential counterbid for rival Abbey National against Spain's Banco Santander Central Hispano's $15 billion offer
...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 a comparable last-minute counterbid for Federated. Corporate rescues, though, are never as certain as chivalric ones. While Federated seized on Macy's offer, Campeau refused to withdraw from the field...
...aerospace parts, machine tools and other industrial products, started the Shootout three weeks ago by making an offer of about $1.5 billion to buy Martin Marietta, an aerospace firm that also makes chemicals and building materials. Martin Marietta not only rejected the offer, but quickly responded with a counterbid to buy Bendix for some $1.5 billion. At about the same time, Martin Marietta began secret negotiations with United Technologies, which had been rumored to be interested in acquiring Bendix...
...into it. Israel's massive Gaza raid earlier in the year, he explained, had convinced him that Egypt must have arms to defend itself, and the U.S. refused to provide them. It was just a commercial transaction, he said. Wary now, but still hopeful, the U.S. made a counterbid for Nasser's favor, offered to help build the $1.3 billion high dam on the upper Nile at Aswan...
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