Word: hiltons
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...billion at Franklin Mutual Advisers, and the equally prosperous CEO-for-rent Al Dunlap, who is doing a tour at small-appliance maker Sunbeam Corp. In a brazen display of cronyism, the two last week publicly denounced ITT Corp.'s tactics in fending off a hostile takeover by Hilton Hotels. Picture that: Price, whom FORTUNE magazine calls "the scariest s.o.b. on Wall Street," linking with Dunlap, whose endearing nicknames include "Chainsaw" and "Rambo in pinstripes." A formidable...
...double-barreled assault from the s.o.b. and Chainsaw is a righteous battle. ITT's own saintly CEO, Rand Araskog, put himself squarely in the line of fire by dismissing Hilton's overtures without so much as a meeting, and he is tearing apart the company in an effort to preserve his own job. The Price-Dunlap sound off is great news if you own ITT stock and don't like the way the company has been run. The two make for powerful allies, and investors have done well by them. As their nicknames suggest, Price and Dunlap...
...right: Dunlap got 2.5 million stock options that, if all could be exercised today, would bring him $70 million. So when Dunlap and Price sent ITT's board separate letters on the same date, Aug. 8, demanding the same action--to let ITT shareholders vote on Hilton's $70-a-share bid--it raised a few eyebrows. Not that anything illegal had been done. But just how cozy have the two become? Remember, Dunlap has no stake in ITT. Yet his involvement is a huge boost for Price's cause. Dunlap is a lightning rod for publicity, which...
Dvide and remain unconquered. ITT Corp.'s twist on a classic strategy is sure to repel Hilton Corp., which made a $6.5 billion offer for the owner of Sheraton hotels and Caesar's casinos earlier this year. For the second time in two years, ITT is slicing itself into three separate, publicly traded companies. The parts will be ITT Destinations, a hospitality and gaming company; ITT Corp., publisher of overseas Yellow Pages directories; and ITT Educational Services, a group of technical schools...
...great divider is Rand Araskog, CEO of ITT Corp., who will run ITT Destinations. He also unveiled a $2.1 billion, $70-a-share stock buyback. An exultant Araskog claimed victory, but by busting up ITT he merely beat Hilton to the punch. Says Bruce Turner, a managing director for Salomon Brothers: "His strategy happened because [Hilton CEO Stephen] Bollenbach came calling and there was no question what he would...