Word: merger
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...almost $600 million of its stock in a move to fend off a possible takeover. In Houston, Texaco found itself fighting for its life after a judge affirmed that the third-largest U.S. oil producer would have to pay more than $11 billion in damages for derailing a 1984 merger between Pennzoil and Getty. And in New Jersey, GAF, a middle-size maker of chemicals and building materials, launched a $4 billion takeover bid for Union Carbide, saying that it would break up the much larger company and sell nearly half of its operations...
...corporate landscape. While megadeals were once limited mainly to oil and other natural- resources giants, they are now affecting companies ranging from moviemakers to missile manufacturers. Says Felix Rohatyn, a senior partner in the investment banking house Lazard Freres and a principal architect of the GE and RCA merger: "In my 35 years of business, I have never seen anything remotely approaching this year's tidal wave of takeovers, mergers and buyouts of every size and shape, including both very good and sound ones and extremely ill- conceived ones...
...corporate merger craze has taken some strange turns. Thwarted in a headline-making, five-month bid to take over CBS for $5.4 billion, Cable King Ted Turner consoled himself by buying a Hollywood studio instead. He paid $1.5 billion for MGM/UA Entertainment, whose library of 2,200 films includes such classics as Gone With the Wind and Singin' in the Rain...
...helped drive stock prices to record highs. In recent weeks the Dow Jones industrial average has scaled one peak after another. Last week was the busiest in the history of the New York Stock Exchange, as the Dow jumped 58.03 points, to close at 1535.21. "The windfall profits from merger offers have sent a fever through the market," said Byron Wien, a Morgan Stanley analyst. In a recent study, the Goldman Sachs investment banking firm estimated that corporate takeovers have been responsible for nearly three-quarters of all stock gains since January 1984. Acquisitions have raised the value of target...
...bonds have been issued. Both raiders and corporate executives who wish to take their companies private use them to raise the needed money. "Junk bonds completely changed the nature of the game," says Michael Dingman, president of Allied-Signal, a high-tech giant formed last summer in the friendly merger of the two manufacturing concerns...