Word: garfinckel
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Dates: during 1960-1969
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...telephoning some 3,000 stockholders, joining a hastily formed committee of Racine citizens in buying up its own shares in the market. Sharon Steel Corp. boosted its annual dividend from 60? to 80? a share to help fend off a tender offer by Honolulu Industrialist George W. Murphy. Julius Garfinckel & Co., the Washington-based retail chain that controls Manhattan's Brooks Bros., last year rebuffed a tender takeover attempt by Genesco, Maxey Jarman's shoe-and-clothing combine, after two court fights and a bitter exchange of public recriminations. Most often, the best defense is to reach...
...lune 1960. I remained as chairman of Tiffany & Co., and with a group of associates, purchased it from Genesco in October 1961. There is another inaccurate statement that may be just a typographical error. You say, "For at least six years Hoving has tried, and failed, to take over Garfinckel & Co." It was Mr. Jarman who wanted Garnnckel's. I have never had the slightest interest in buying Garfinckel...
...down on an agreement with me, and it took a court case to settle the matter in our favor. But I admire Hoving's ability and wish him success in his business. I do not know his motives in opposing our offer to buy the stock of Julius Garfinckel & Co., Washington, D.C., at a higher price than stockholders have ever had a chance to receive before. But I presume he had some business reasons...
...Dubious Claims." Garfinckel's management filed an antitrust suit in Federal Court in Washington, charging that a Genesco takeover would suppress or reduce competition among clothing and retail shops in New York, Washington and other cities. Garfinckel's asked for treble damages for the $500,000 it claimed it had already lost in business and property value because of Jarman's takeover efforts...
Hoving eagerly jumped to battle with his old foe. At his own expense, he wrote to fellow Garfinckel stockholders, saying that he did not think Jarman's business methods were "very commendable" and urging everyone to refute Jarman's "dubious claims" about Garfinckel's. Speaking for Jarman, who was on vacation in Nassau, Genesco President Ben H. Willingham retorted that Hoving was conducting a "personal vendetta" against Jarman...