Word: icahn
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...been a struggle. The Denver-based carrier lost $31 million in 1984 and sold almost half its fleet to raise cash. Last week Texas Air Chairman Frank Lorenzo unveiled his plan to solve the airline's woes. Lorenzo, who was outbid for TWA in August by Corporate Raider Carl Icahn, offered $20 a share in a deal that could mean $250 million to Frontier. Said Lorenzo: "It's extremely hard for a small airline to compete...
...borrowing increase by corporations has been the result of takeover mania," says William Cornish, executive vice president of Chicago's Duff & Phelps, a securities research firm. "Either companies want to add to their holdings or they fear that someone wants to take them over." In evading Raiders Carl Icahn and T. Boone Pickens, Phillips Petroleum took on $4.5 billion in new loans. It now plans to sell about $2 billion worth of assets in the next twelve months to trim its obligations. Chevron borrowed $10 billion to acquire Gulf Oil last year, and it too has been forced...
Before the drama of hijacked Flight 847 began to unfold last Friday, executives of Trans World Airlines were preoccupied by an equally riveting, corporate development: the birth of a huge new airline company. TWA, which has struggled for the past month to escape Corporate Raider Carl Icahn, agreed to be acquired by Texas Air Corp., which already owns Continental and New York Air. The merger will create the second largest U.S. airline, after United...
...sales: $3.7 billion), Houston-based Texas Air offered about $925 million for the company, which includes $23 in cash and securities for each TWA common share. The investment firm Drexel Burnham Lambert will help Texas Air raise the money by underwriting "junk bonds," a popular takeover tool. Icahn, who stands to make a profit of about $50 million when he sells his TWA shares to Texas Air, will probably go along with the deal...
...began a comeback last year, earning $29.9 million, its first profit in four years. Icahn came along with his takeover offer last month. He eventually acquired 33% of TWA's stock and was offering $18 a share for the rest. Despite Icahn's denials, TWA feared that if he won control he would dismantle the company by selling off some routes, as well as landing rights and jets...