Word: ltv
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...investors spurned his efforts. Ling scoffs at the doubters. "This is just the year to kick conglomerates," he says. He planned to sell off a small slice of Braniff, most of National Car Rental and perhaps a few other securities to raise all the funds that he said LTV now needs. At week's end, however, he cancelled the sale of National Car shares, blaming "stock market conditions...
...meeting at the elegant Rolling Rock Country Club outside Pittsburgh, then a secret hotel-room huddle in Cleveland. Though J. & L. Chairman Charles Beeghly was far from eager to sell his controlling shares, he considered Ling's offer so generous?some analysts insist that it was too generous for LTV's good ?that he agreed to go along...
...dividends, involve pure speculation. Technically, they have no value at all unless the common stock climbs above the option price. They were in disrepute for most of the years since the Depression because their volatile prices make them extra risky for investors. But warrants caught on again after LTV and Gulf & Western used them to pay for acquisitions. Issued in moderate amounts, warrants may have no significant effect on a corporation's finances. But Manhattan's General Host Corp., which has only 2.6 million shares of common stock, last month offered 14 million warrants in its successful fight...
...guideline suggesting that conglomerates would be opposed if, for instance, the merger would prevent two noncompeting partners from entering each other's fields on their own. Thus, this month a federal District Court upheld a key Justice challenge to a merger of Wilson Sporting Goods, a subsidiary of LTV, with a small maker of gymnastic equipment. The grounds: Wilson might well have entered the gymnastic field...
Whether Ling can succeed in the close-knit steel industry-where other conglomerate kings like Norton Simon have failed-remains to be seen. LTV plans to stick to a well-tried tactic: as in earlier acquisitions, it will go along with the old management. The stock that LTV acquires will be put into a five-man voting trust until 1971, with present J. & L. officers having a controlling three-man vote among the trustees. But there will be plenty of dividends for LTV. Jones & Laughlin recently reported first-quarter earnings of $11,706,000 on sales of $277 million...