Word: lings
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Last week Ling wanted something else: Chance Vought Corp., the oldtime aircraft company turned missile and electronic producer. Ling, willing to spend more than $6,500,000 to get a company that grosses $215 million a year, had quietly bought 17% of the company's 1,190,540 shares. Then, even though the stock was selling at $39.88 a share, he announced that he would buy at least 150,000 shares more for $43.50 each. Chance Vought President Frederick O. Detweiler promptly denounced the offer; he said the price was little more than the book value of the stock...
Neat Fit. Chance Vought fits neatly into Ling's plans to build Ling-Temco into a power in the electronic communication field. Besides its missile and electronics skills, it has a large plant next door to Ling-Temco's outside Dallas. Plant facilities are among Ling's most urgent needs for the expansion he sees ahead...
...Orphanage. Ling grew up in an orphanage, where his father, an oilfield roustabout, had put him when his mother died. Never bothering with formal education, he learned electronics in the Navy during World War II and from correspondence courses. To expand his electrical contracting business, he even peddled stock from a booth at the 1956 Texas State Fair because investment bankers would not touch it. Stock that he sold at $3 a share is worth $29.25 today...
...Ling grew, he bought ten electronics companies, making equipment ranging from vibration testing devices to transmitters for tracking satellites. Last year he was big enough to be an attractive merger prospect for Temco Aircraft Corp., an airframe maker that had branched into electronics. Ling was made president of the new Ling-Temco. Earnings last year equaled or slightly bettered 1959's $1.22 per share. This was 1.9% of sales, about the same ratio as Chance Vought...
Unless the courts stop Ling, his bid for control of Chance Vought might well succeed. At week's end tenders to sell him stock were still coming...