Word: kerkorian
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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...
...happens--a big if--the $22.8 billion deal would be the largest takeover since RJR Nabisco was bought six years ago at $25 billion. However audacious, it would be nothing out of character for Kerkorian, a lifelong dealmaker who loves to buy companies but doesn't much like to run them. At MGM/UA, the movie studios he bought, then stripped of their most valuable assets, he juggled management regularly but rarely interfered in studio decisions. He never even attended screenings. "When he went to the movies, he'd stand in line with everybody else at a theater in Westwood...
...opposite. In the same breath that he denies any ambition to return to management, he sketches out plans for the company's future. Though he brings a relative pittance to the deal in Chrysler stock--about $50 million--the value of his reputation, and the credibility it lends to Kerkorian, is priceless. And as Iacocca knows, with this deal he again puts it on the line. Revered as the man who would not let Chrysler fall, could he also be a man unable...
TIME business reporter Tom Curry says analysts and portfolio managers are divided on whether Kerkorian's bid is credible. One portfolio manager whose funds own a large Chrysler stake told Curry that he believes Kerkorian's bid is for real: "I think he's trying to steal the company, which is what really successful investors...
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...