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...would include the highly successful Michael Price, who oversees $26 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...
...Price is an activist investor who has made millions buying large chunks of companies and then fomenting change to boost the stock price. He forced the merger of Chase and Chemical banks in 1995. He is currently engaged in a public battle with Dow Jones & Co. as well as ITT. And, oh, yes, little more than a year ago, Price, a 21% owner of Sunbeam, got Dunlap hired as CEO. The pay was 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...
...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...
Araskog keeps intact his perfect record in takeover wars, although his empire is shrinking. When he took command in 1979, ITT had sales of $22 billion. His new outfit will have sales of $5.5 billion. That's a play on an old adage too: How do you make a small corporation? Start with a large...