Word: dividend
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Deep-Seated Love. First National labeled the $120-a-share bid too low, as evidence claimed that White himself had asked at least $140 in offering to sell out his family's holding. Urging shareholders to reject the tender, the bank has declared a dividend increase of 43%, from $2.80 to $4. With his tender offer due to expire August 27, Bill White was insisting meanwhile that his motivation went beyond mere youthful ambition. Said he: "This all comes back to a deepseated, three-generation love of Colorado...
...hottest stocks on the Big Board in recent weeks has been that of Atlantic Richfield-and in this instance there has been some logic behind the heat. Last May the company announced that it was splitting its stock two for one and increasing its dividend. Its first-half sales of $840 million were up 15.5%, and earnings were up 14% to $70 million. On top of that it has, with Humble Oil, confirmed an oil find on the North Slope of Alaska that Interior Secretary Stewart Udall calls "apparently the largest in the history of the country...
Under terms of the merger, which must be approved by its stockholders, MCA will become a wholly owned subsidiary of Westinghouse. For MCA, one of the principal attractions of the $385 million stock-swap deal is Westinghouse's higher dividend. And nobody stands to benefit more than MCA's founder and chief stockholder, Chairman Jules Caesar Stein, 72, whose 27% stake in the company has a current market value of almost $90 million. By converting his MCA holdings to Westinghouse stock, Stein's annual dividend return would rise from $1,200,000 a year...
Demands of Fairness. Specifically, the N.Y.S.E. board of governors ruled that "negotiations leading to acquisitions and mergers, stock splits, the making of arrangements preparatory to an exchange or tender offer, changes in dividend rates or earnings, calls for redemption, new contracts, products or discoveries, are the type of developments where the risk of untimely and inadvertent disclosure of corporate plans is most likely to occur." Such activities may be kept secret by top management, but secrecy is less and less possible because "at some point it usually becomes necessary to involve persons other than top management." At that point, according...
...exchange officials, announced that by the end of 1969, it hoped to replace all the certificates of actively traded issues with a standard-sized punch card. Every stock or bond issue will have an eight-digit identification number that will be used on all wire communications, transactions, transfers and dividend claims. Standard & Poor's will spend close to $1,000,000 coding some 1,000,000 stocks and bond issues into two directories, each the size of the Manhattan phone book. It plans to make a profit by selling the directories to brokerage firms, banks and bond houses...