Word: investors
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Dates: during 1990-1999
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...chase. Last week Iacocca stunned Wall Street and the auto industry by joining with the billionaire investor Kirk Kerkorian, 77, in a spectacular bid to take over the nation's third largest automaker. After three months of downward drift in the value of Chrysler stock, Kerkorian offered investors $55 a share, a 40% premium over the $39.25 price it posted one day before the bid went public...
Iacocca insists the takeover bid is not a strategy to get the old cowboy back in the saddle. "I'm an investor, period," he says. "No directorship, no management, nothing--zero." But even as he says that, he can't resist kibbitzing. For one thing, Iacocca has wanted for years to make Chrysler a truly international operation with sales and manufacturing capabilities around the world. In the 1980s he tried to enter his company into deals first with Volkswagen, then with Fiat, but to no avail. "We do not have a global presence," he complained last week...
...interests; he was giving up on a company with a strong present (Du Pont stock accounted for nearly 70% of Seagram's pretax profits last year) and a robust future. Unsurprisingly, Wall Street greeted both the Du Pont sale and the MCA negotiations with derision. On Friday Moody's Investors Service announced that it was considering "the possible downgrade" of Seagram's debt. Seagram stock dropped nearly 17% during the week, closing Friday at 26 1/2. Wall Street speculators signaled that they liked only one scenario: that an investor buying Bronfman's block of shares could set off a contest...
Former Chrysler Chairman Lee Iacocca wants his company back. He and billionaire investor Kirk Kerkorian are attempting to buy the No. 3 automaker for $22.8 billion. Their lavish, unsolicited $55 per share proposal -- more than 40 percent above yesterday's closing stock price -- would be the biggest U.S. corporate takeover since the $25 billion buyout of RJR Nabisco by Kohlberg Kravis Roberts in 1988. Today's surprise announcement boosted Chrysler stock and prompted Chairman Robert Eaton to scrap a scheduled New York auto show speech.TIME Detroit bureau chief William McWhirtersays Chrysler is well positioned to fight a takeover because...
True to his instincts, the investor friend I mentioned earlier naturally waited for Hagstrom's readers to bid up Buffett's stock to an extravagant level before buying his first share. Had he read Hagstrom's book beforehand, he might have thought better of it because another of Buffett's rules is that you should pay sensible prices for things...