Word: gaffed
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ECHOIC STANDINGS Team W L T GAF GA Overall Harvard 17 2 0 118 4518-5-1 Yale 14 6 0 97 69 18-8-0 RPI 12 6 1 85 78 19-8-1 Cornell 11 6 2 91 66 14-6- 3 Clarks 10 6 3 86 64 13-10- 3 Vermont 10 9 0 55 58 16-11 -0 Colgate 9 9 1 77 93 15-11- 2 SU 9 10 0 80 80 15-12-0 Princeton 6 12 1 65 75 10- 16-2 Dartmouth 4 15 0 52 102 7- 16-0 Army...
...fend off a possible takeover. In Houston, Texaco found itself fighting for its life after a judge affirmed that the third-largest U.S. oil producer would have to pay more than $11 billion in damages for derailing a 1984 merger between Pennzoil and Getty. And in New Jersey, GAF, a middle-size maker of chemicals and building materials, launched a $4 billion takeover bid for Union Carbide, saying that it would break up the much larger company and sell nearly half of its operations...
These defensive moves may come too late. GAF (1984 sales: $731 million), a much smaller, New Jersey-based building products and chemical company, has already begun to go after Union Carbide. GAF has bought nearly 10% of Union Carbide's shares and is seeking regulatory approval to increase its stake to as much as 15%. While it may lack the financial clout to stage a successful takeover, GAF could force Union Carbide to hand over a treasured division, perhaps one of its specialty-chemicals businesses, as a payoff to end the hostile raid...
...similar drama was unfolding, meanwhile, at the annual meeting of GAP in Charlotte, N.C. Stockholders witnessed a bruising battle between the company's current chairman, Jesse Werner, 66, and Samuel Heyman, 44, a Connecticut shopping-center magnate and owner of 5.7% of GAF's stock, over how to liquidate the moribund company. Factions on both sides have been attacking each other in a blitz of newspaper ads, questioning each other's competence and judgment. At one point, the Heyman group distributed a chart showing how Werner's salary and bonuses had gone from about...
...GAF case, much of the internecine warfare was over when and how to sell off parts of the company, not whether to do it. Two weeks ago, management announced that it had reached a $410 million deal with Allied Corp. to sell GAF's chemical business, its mainstay since the days when it was known as General Aniline & Film, a part of I.G. Farben. The firm was seized as German property by the Government during World War II, but it was turned back to private shareholders in 1965. Selling off its chemical operations would leave GAP with little more...