Word: gray
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Dates: during 1970-1979
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...Department of Justice investigation spurred by the revelations emerging from the Watergate hearings. The Justice Department investigators have uncovered evidence that illegal operations were conducted with the tacit approval if not at the direction of high level FBI officials, including former Bureau directors J. Edgar Hoover and L. Patrick Gray III. While Gray and others have disavowed participation in the illegal activities, their testimony is at odds with that of other FBI officials...
Fruitless Overtures. As with his earlier acquisition efforts, Gray's attempt to swallow up Babcock & Wilcox has not left his target's management cheering. The tender-offer announcement, which caught Wall Street by surprise, followed weeks of fruitless overtures by Gray to B&W's chairman, George Zipf. Last week, after Gray had finally managed to see Zipf twice to no avail, he rocketed off what amounted to an ultimatum, telling Zipf that he had until week's end to declare whether B & W would fight the offer. Zipfs reply was both immediate and curt...
Utility Boilers. He has reason to do so. In 1973 Gray described potential acquisition targets for United as companies that are successful in high-technology fields and not dependent on Government business. B & W is that and more. The company already holds 35% of the market in utility boilers and is in a good position to get more. Two-thirds of the boilers that it makes are fired by coal, and the Carter Administration's energy program, to be announced April 20, is expected to contain provisions enabling the Government to order many factories and power plants to convert...
Other analysts, however, doubt that United has anything much to offer B&W stockholders except cash-and they think that Gray is not offering enough of that. United cannot supply any expertise in steam generating; Gray has promised to keep the present management, and Wall Streeters say he would just about have to. Though United's bid of $42 a share is $8 more than the stock was selling for just before the offer was announced, analysts at Kidder, Peabody & Co. think the stock should be worth about $48 a share to United. Whether Gray will eventually go higher...
...Paul Gray...