Word: ling
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Dates: during 1960-1969
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...sharpest corporate skirmishes in memory swirled around Milwaukee last week, as Allis-Chalmers Manufacturing Co. found itself under heavy assault. The battle was joined by James Joseph Ling, 44, chairman of Dallas-based Ling-Temco-Vought, who during a nine-day fight for control of the company had eventually made a tender offer valued at $560 million-one of the biggest ever. But by week's end, staid Allis-Chalmers, which is the area's biggest employer, had delivered L-T-V its first defeat-however temporary-in Ling's long takeover history...
Looming Large. Ling's campaign naturally provoked nationwide fascination. Starting with a $3,000 stake in 1946, he had wired together a series of dazzling acquisitions to build a conglomerate that topped $468 million in sales last year. And this year "the Ling Dynasty," as L-T-V is sometimes called, has loomed even larger. In March a surprise Ling tender offer hauled Chicago's Wilson & Co. into the fold. Early this month, Ling announced a plan to take over Greatamerica Corp., the Dallas-based bank, insurance and airline (Braniff) combine controlled by his longtime ally, Troy Post...
...Ling, that seemed to ripen a prospect he had been watching for more than three years. In the military argot current at his Dallas headquarters, Allis-Chalmers had long been targeted as "Company X." Ling liked the way Allis-Chalmers products were "tied to the growth of the economy." The company also has a classic vulnerability to takeover attempts: its officers and directors hold less than 4% of its stock, which is a very small base from which to try to fight an attractive tender offer. Ling himself was in Milwaukee for a quiet look-see in July...
...continued to gain last week. Scurry Rainbow Oil rose $9.50 to $43 on rumors of an ore find and reports (later denied) of a tender offer for the company. National Equipment Rental gained $3.13 to $32.50, and LTV Electrosystems, a separately traded subsidiary of the Big Board's Ling-Temco-Vought, jumped...
Nineteen more showed their wares around the field. Gemini Astronauts Michael Collins and David Scott were there along with the 250-seat DC-8-61, largest passenger jet now in scheduled operation. Experimental craft ranged from Ling-Temco-Vought's V/STOL XC-142 to Martin Marietta's Lifting Body, in which astronauts may some day glide back from orbit. In military aviation, the star of the show was General Dynamics' swing-wing F-lll fighter, flown from the U.S. and shown for the first time abroad. No less anxious to unleash a spectacular were the Russians...