Word: mcgraw
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Shooting it out for McGraw-Hill and American Express...
...they are squaring off again in an especially vitriolic takeover fight. While American Express Co. was secretly plotting its $880 million bid for McGraw-Hill, it quickly hired Joe Flom, 55, in part so that McGraw-Hill could not get him first. McGraw-Hill countered by hiring Lipton, 47. Says an investment banker who has worked with both: "On offense, Flom is a tiger. He pretends there isn't any law and acts accordingly. On defense, Lipton comes up with innovative, ground-breaking lawsuits...
Last week Flom showed some of the qualities that have made him the undisputed "King of the Takeovers." In a bold move, American Express sued McGraw-Hill for libel and "publicly disseminating false and misleading statements designed to induce McGraw-Hill shareholders to reject American Express's tender offer." Attackers do not expect to be loved, but they rarely sue for libel. The 22-page complaint was aimed at silencing Harold McGraw, the publishing company's chief, who earlier in the week took out ads harshly attacking American Express, its chairman, James Robinson, and its president, Roger Morley...
...McGraw called the Amexco bid "illegal, improper, unsolicited and surprising," and charged that Amexco "lacks the integrity, corporate morality and sensitivity to professional responsibility" essential to McGraw-Hill's operations. He claimed that Robinson had agreed last summer not to bid for McGraw-Hill after his informal overtures had been turned down, and that he was now guilty of "an unprecedented breach of trust." McGraw thundered that Morley, by continuing to sit on the McGraw-Hill board until the bid was made, "clearly violated his fiduciary duties to McGraw-Hill and the stockholders ... by misappropriating confidential information and conspiring...
What do Chase Manhattan Chairman David Rockefeller, McGraw-Hill Vice President Wesley Fraser and boardrooms full of other executives, male and female, have in common? Several times a week they pull on sneakers and sweatshirts to spend an hour or so in the company gym, puffing on a jogging track or pumping away on a stationary bicycle. Employer-sponsored exercise is fast becoming an integral part of the workaday world, as businesses recognize that their financial health can depend on the physical health of key employees as well as on the condition of plant and equipment...