Word: merger
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Dates: during 1980-1989
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...large book companies have snapped up smaller ones in recent years, the once sedate world of publishing has been changing as fast as the plot of a Dickens novel. Last week two of the oldest and most prestigious publishers added a new chapter to the merger story. Macmillan (founded 1869) said it will pay about $15 million in stock for Scribner Book Companies, a closely held firm whose imprints include Charles Scribner's Sons (1846) and Atheneum...
...Journal case follows a recent flurry of SEC investigations into the misuse of confidential or insider information. Such incidents have been provoked in part by the merger wave that has been sweeping over U.S. industry: Reason: advance knowledge of a takeover bid can lead to big profits. Last January, for example, the SEC charged Paul Thayer, former Deputy Secretary of Defense and ex-chairman of the LTV Corp., with revealing to friends acquisition plans and other inside information concerning companies of which he was a director...
Last week the acrimony ended when McGrath gave approval to a revised merger plan. Under the agreement, LTV, the third-largest American steel producer, and Republic, the fourth biggest, will sign a consent decree requiring the merged company to sell off two Republic plants in Gadsden, Ala., and Massillon, Ohio, within six months after the deal goes through. The Alabama plant makes hot-and cold-rolled carbon and plate steel, while the Ohio one produces sheet stainless steel. The Justice Department said that paring down the production capacity of the new company will put the agreement within its antitrust guidelines...
Some observers quickly suggested, however, that McGrath was just bowing before White House pressure, but he vehemently denied it. Consent decrees normally require properties to be divested before a merger takes place. McGrath defended the new decision by by pointing to the economic plight of the trouobled industry. Steel plants are operating at less than 80% of capacity, and imports have taken 26% of the domestic market...
...decision earlier this month by U.S. Steel and National Steel to withdraw their merger plans helped LTV and Republic win Justice Department support. If both deals had occurred, the two new companies would have controlled 50% of the U.S. sheet-steel market. For now, though, the U.S.-National deal is dead...