Word: goodrich
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...erect a federal regulatory hurdle for Heineman, Goodrich in March paid about $2.7 million in stock to buy Motor Freight Corp., a Terre Haute-based trucking company that competes with Northwest on some rail routes. Goodrich then petitioned the Interstate Commerce Commission, urging it to rule that Northwest would need ICC approval for a merger...
...Soliciting. The all-out campaign paid valuable dividends for the established management. On Capitol Hill, Senator William Saxbe of Ohio rose to praise Goodrich's efforts to fend off "the predatory advance of a conglomerate." The Akron Beacon Journal likened Northwest to a "brash hussy trying to persuade our favorite uncle to elope." Forbes, a business biweekly, ran a long article that was so favorable to Goodrich that the company bought full-page newspaper space to reprint...
Save Me, Save Me. The Goodrich defense has been doubly effective because U.S. securities laws commit Northwest executives to frustrating silence until their tender offer expires in June. Heineman has been able to speak out only to the extent of blaming his firm's first-quarter loss largely on a strike at its Lone Star Steel Co. and the severe weather, which hampered its rail operations. He has also talked in general terms about struggles for corporate control. "There are a lot of frightened, stodgy companies with frightened, stodgy managements," he says. "Conservative businessmen are running to the Government...
Keener and his fellow managers have shown through their vigorous defense that they are anything but stodgy. Even so, they are not about to turn down the Government's help. If the trustbusters do enjoin the financial battle with Northwest Industries, Goodrich shareholders will not even get a chance to decide that they might like Heineman's offer after...
...merger movement get clear out of hand." In rapid succession, he has announced actions against three big conglomerates. His trustbusters are contesting Ling-Temco-Vought's takeover of Jones & Laughlin Steel; ITT's acquisition of Canteen Corp. and Northwest Industries' attempt to buy up B. F. Goodrich. Such mergers, McLaren says, are forcing "a radical restructuring" of the economy. The restructuring that he is talking about is not based on valid economic grounds, he contends, but rather on financial considerations. He is confident that the courts will agree with...