Word: merger
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...said the tour is not to solicit donations for the seven-year, $100 million Radcliffe capital campaign, scheduled to end in June of this year. Instead, Dunn said she's been explaining the implications and nitty-gritty details of the merger...
...night we met, Forbes came to the back of his chartered Gulf Stream turboprop and asked me, of all people, the inside story on the AOL-Time Warner merger. When I told him I had hoped to ask his take on the whole mess, along with his advice on what to do with the stock, he said sell. "Nobody ever lost money taking a profit," he said. Two days after I didn't take his advice, God punished me. The stock had dropped 25 points...
Just what exactly was transformed? America Online, the newbie-friendly smiley face of the Web that just three years ago was an operational mess, had engineered the largest merger in American corporate history. Time Warner, the immense media conglomerate that had sprung from the loins of the magazine you are now reading--having failed to beat the Internet upstarts with its own efforts--had decided to surrender to them for the best price it could get, about $162 billion in AOL stock. The companies valued the combination at $350 billion...
...that AOL has been sold at too much of a discount or Time Warner has been sold at not a high enough premium--if we get those disparate reactions--then we've probably done the right thing." Although both companies have done handsprings to portray the combination as a merger of equals, Wall Street has since made it clear that it considers AOL more equal than Time Warner...
...Case's northern Virginia house. What began with a bottle of 1990 Chateau Leoville-Las Cases ("dazzling concentration, as well as fine acidity"--wine critic Robert Parker) in the living room and ended with chocolate mousse at the table became semiofficial when Case and Levin broadly agreed to a merger. They also agreed to sleep on it, and after midnight Bressler and Levin flew back to New York on a Time Warner jet. Novack and Bressler spoke at 9 the following morning, checked in with their respective bosses and had a deal at 9:15. As one of the supporting...