Word: firmed
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Dates: during 1960-1969
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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...
...unready to hit back. "The first I heard of this raid was at my golf club," spluttered President Dwight M. Cochran of Kern County Land Co. after Occidental Petroleum's bitterly contested two-step offer last month to buy 23% of his asset-laden oil and farming firm. With such tactics, a group of Detroit financiers led by Donald H. Parsons, 36, has taken over five Michigan banks in the past year and forced American Metal Products into a merger with Lear-Siegler. Last week the Parsons group snared a sixth bank, the Monroe (Mich.) State Savings Bank, whose...
...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 would force tender makers to divulge their plans to the SEC five days in advance of the actual offer. That, they argue, would tend to discourage all tender offers-and so help...
...passengers over the 347-mile run between San Francisco and Los Angeles, the world's most heavily traveled air corridor. The idea that the corridor needed more branches struck Economist William E. Myers, 32, as he wrestled with Orange County statistics at his small market-research firm in Newport Beach. After all, with a population up from 216,000 in 1950 to 1,200,000, Orange is the fastest-growing metropolitan county in the U.S. As the home of Disneyland and the American League's California Angels, it attracts thousands of out-of-town visitors...
...Bull, France's largest home-grown computer manufacturer, the more they remain the same. Machines Bull, named for the Norwegian whose punch-card system was the company's first product was deep in debt and floundering in mismanagement when, in 1964, General Electric bought half of the firm for $43 million. Charles de Gaulle had hoped for a "French solution" to Bull's problems, but when none could be found he reluctantly permitted G.E. to buy in. Since then, Machines Bull has continued to lose money. It suffered a $23,243,673 loss last year because...