Word: mcgraw
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...meeting was brief and cordial, and McGraw did not then answer. The next morning he said he was "negative" and asked stockholders to do nothing until the board meets this week to study the offer. The Amexco bid comes to $34 a McGraw-Hill share, a fat premium over the $26 market price just before the bid. But Harold McGraw, grandson of the company's founder and a man set in his ways, wants to keep the family in command...
With a hoard of cash, American Express aims at McGraw-Hill...
...company is looking for profitable new uses for its money. That hoard is so huge-$4.4 billion in cash and securities, plus the $1.8 billion "float" of uncashed traveler's checks-that Amexco can make a handsome offer for almost any corporation. Last week it surprisingly bid for McGraw-Hill Inc., the publishing empire (1977 sales: $659 million) that produces Business Week, some 60 other magazines, newsletters and information services, as well as books and Standard & Poor's bond-rating service; it also owns four TV stations...
...drama began Monday when James D. Robinson III, Amexco's 43-year-old chairman, walked into the office of Harold McGraw, 61, chairman of McGraw-Hill. Robinson brought with him Amexco President Roger Morley, who is also a McGraw-Hill director; Morley earlier had dropped some hints of Amexco's interest, but they were so subtle that McGraw may have failed to pick them up. The two American Express chiefs gave McGraw a letter proposing that Amexco buy all of McGraw-Hill's stock for $830 million in cash, or cash and Amexco stock if McGraw-Hill...
...McGraw-Hill; 667 pages...