Word: mergerism
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Dates: during 1980-1989
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...verdict in a seven-week battle that had riveted the attention of corporate America. Justice Henry Horsey matter-of- factly declared that the court had found "no error" in a July 14 lower- court ruling in which Chancellor William Allen denied a motion by Paramount Communications to block the merger of Time Inc. and Warner Communications. Said Horsey: "We therefore affirm the decision...
...decision, Time carried out its tender offer to pay $70 a share for 100 million of the more than 180 million Warner shares outstanding. Along with 17 million Warner shares that Time acquired in a stock swap in June, the tender gave Time a 58% controlling interest in its merger partner. As a result of the deal, Time changed its name to Time Warner; the company will buy the remaining Warner shares for a combination of cash and securities under terms that the parties must determine within three months. The purchase price will include a total of $677 million...
...jury will be out for years on whether the Time Warner combination adds up to more than the sum of its two parts. After its courthouse victory, Time Warner must show that its monumental merger can be a winner in the toughest venue of all: the marketplace...
Amid the arguments in the bitter struggle, court documents filed in Delaware gave a vivid picture of the two-year merger talks between Time and Warner. A Time brief showed that the two partners broke off negotiations in August 1988 over Time's insistence that Warner Chairman Steven Ross set a date for stepping down as co-chief executive of the merged company to make way for Time President N.J. Nicholas to hold the chief executive's job alone. Not until Ross agreed last January to step aside five years after the merger were the talks able to proceed...
...Delaware court rejects Paramount's challenge to the $14 billion combination of Time Inc. and Warner Communications, but the merger is temporarily stayed to allow an appeal...