Word: mcgraw
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...help fight one of the biggest takeover bids in history, McGraw hired Morgan Stanley & Co., the old-line investment banking firm that is expert in defending takeover targets or at least in forcing the bidder to raise the price. There were hints too that McGraw is shopping around for a "white knight," a buyer more to his taste. Not totally convincingly, American Broadcasting Co. denied reports that it had made an offer for McGraw-Hill...
Wall Streeters expect Amexco to win, though it probably will have to raise its bid above $40 a share. McGraw-Hill has prospered: between 1971 and 1977, earnings increased from $19.8 million to $51.4 million. But it has an image of unadventurous management, and the stock has declined from a high...
Worse, the company has been rent by management and family feuds. Charles C. ("Jim") Randolph was fired in 1976 as publisher of Business Week, for reasons that say much about the company. Dashing, articulate Randolph did not get on well with earnest, staid Harold McGraw; he also demanded more autonomy for his magazine, which is the company's richest moneymaker, than McGraw was willing to grant. In this battle, Randolph made the mistake of allying with Executive Vice President Donald McGraw, who fell out with his cousin Harold and then quit the company and later left the board under...
...feuding family directly owns about 12% of the stock, and perhaps as much as 23% when the holdings of other relatives and family trusts are counted. Last week most family members publicly backed Harold McGraw, but some hinted that they might vote with their pocketbooks if Amexco sweetens its price. Indeed, one much rumored reason for Donald McGraw's leaving the company was that he was willing to listen to takeover bids while Cousin Harold...
...Some McGraw-Hill employees fear that a takeover would cramp their editorial independence, though it is hard to see how Amexco would be different from any management, including the present one. In any case, those fears have an ironic ring. In a mostly laudatory cover story on Robinson and American Express ("a cash machine"), Business Week advised in its Dec. 19, 1977, issue that Amexco's "best response" to new competition would be "to look for additional products for its affluent market, or to find other businesses that fit [its] specialized mold." Little did the staff guess that their...