Word: hugheses
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
Billionaire Howard Hughes and the American Broadcasting Companies, Inc. last week ended where they had started 15 suspenseful days before. Hughes still had the kitty of cash he was willing to spend to take over ABC, while ABC felt itself free again to listen to other suitors for merger.
Hughes's tender offer to buy 2,000,000 shares in the TV-radio network and theater chain at $74.25 per share was made July 1 when they traded for $58.88. The bundle would have amounted to 39% of outstanding stock and would have presumably led to a shake...
Short of the Bid. The tender offer expired on July 15 at 3 p.m. Not until shortly after 1 p.m., when a federal appellate court denied ABC's request for an injunction, did shares start pouring in. As much as 90% of those offered to Hughes were rushed to...
Had he extended the offer to buy, as he had the option to do, he surely would have wound up with the full 2,000,000 shares. Instead, Hughes chose to withdraw his offer. His Hughes Tool Co. cited ABC management's "inordinate opposition" as the cause for giving...
Top management at ABC was elated by the turn of events. Concluded ABC President Leonard Goldenson: "Because of their confidence and faith in the future of our company, a substantial majority of our stockholders elected to reject the Hughes tender offer." Shares of the company closed down by only 380...