Word: merger
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...failure of the Gulf-Cities Service merger sends Wall Street into a spin
Aftershocks from a collapsed merger. Surprise bankruptcies. Gyrating stock prices. A startling new takeover bid late on Friday. Even to the most seasoned Wall Street veterans, last week was wild...
...Cities Service shares had dropped to $30. Scores of brokerage firms and speculators who had bought huge chunks of the stock for prices as high as $56 were staring at the possibility of losing perhaps $700 million. Hardest hit were several smaller firms that specialize in speculating on merger deals, a daring practice known in the trade as risk arbitrage...
...acquire Cities Service for an average price of $41.67 per share. Cities Service announced that it would consider the offer at a special meeting of its board of directors early this week but also said that it was still talking to other major companies about possible merger deals. Though far less generous than Gulfs original bid, the Occidental offer could reverse more than a third of the losses that investors have sustained on Cities Service stock. Moreover, brokers hoped that this new development would spark higher bids for Cities Service from other companies...
...originally cast as the hero in the Cities Service drama. In June Cities Service was trying to escape an unwanted takeover bid by Mesa Petroleum, a relatively small Amarillo, Texas, oil firm. Unwilling to be controlled by a company less than one-twentieth its size, Cities welcomed Gulfs merger bid of $5 billion, which Mesa could not match...