Word: ltv
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...conferences that lead up to his corporate takeovers as "war games." Last week, after a long war game, Ling made a tender offer for a controlling 62% of the stock of Pittsburgh's Jones & Laughlin Steel Co., the nation's fifth largest steelmaker. The offer meant that LTV stood ready to ante up $425 million in one of the largest cash tender offers ever made; at $85 per share, it also meant that Ling, to ensure quick action, was paying a big bonus on shares that opened last week at $50, closed at $77, thereby moved...
...Ling will borrow $100 million from a syndicate of U.S., Canadian and European financial institutions with Wall Street's Lehman Bros, and Goldman, Sachs acting as bankers. Another $200 million is on hand as ready cash, including $60 million from a public sale of 600,000 shares of LTV stock last fall. LTV will raise the rest of the necessary money by selling off its interest in two insurance companies, Stonewall...
...better served" by a possible merger in the works with General Dynamics. Ling, back in Dallas by now, was unfazed. He merely uncorked "Plan B"-a new offer to buy all of the stock for a mix of cash plus two classes of L-T-V shares worth, by LTV's estimate, around $55 per share of Allis-Chalmers' common. Moreover, he promised Stevenson and six other directors spots on LTV's board, said that Allis-Chalmers could retain "existing management control...
...calculations, it should have ended. Even Beauchamp (pronounced beach 'em) E. Smith, the Allis-Chalmers director with the biggest block of shares (21,560), pronounced the new offer "far, far more interesting." There was little likelihood that the company would find a savior with anything like LTV's bankroll (furnished by a group of banks headed by the Bank of America) and willing to offer a better price. The company, L-T-V figured, was boxed in and liable to all sorts of stockholder suits if it held out. Thumbs Down. Once again the Allis-Chalmers board retired...
...generally effective in curbing speculative trading, some of the 26 issues 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...