Word: mergers
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Dates: during 1950-1959
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...news, Eastern Air Lines' President Edward V. Rickenbacker, who had already made a rival offer to Colonial before the National deal, took heart. He announced that he would make a second try, since a group of Colonial stockholders had bucked the National merger on the grounds that Eastern's offer was better, because it would place a higher valuation on Colonial stock...
Last week, the proposed merger of New York's Manufacturers Trust Co. with the New York Trust Co. (TIME, May 26), was also called off because "certain large stockholders" of New York Trust refused to okay the deal...
...Manhattan banks last week announced their intention to merge. The banks: Manufacturers Trust Co. ($2.5 billion in deposits), New York Trust Co. ($695 million). If stockholders approve the merger, the new bank, to be called the New York Manufacturers Trust Co., will become the fourth biggest in the U.S., displacing Manhattan's Guaranty Trust...
Mythology is full of strange animals like the hippogriff, a beast that is half horse and half griffin.* Last week came word of a proposed merger which would create a real-life business hybrid-part cow and part bus. The companies concerned, whose directors have already approved a stock swap, are ACF-Brill Motors Co., maker of buses and trackless trolleys, and Foremost Dairies, Inc., seller of milk, ice cream and other dairy products in the South and (through foreign subsidiaries) the Far East. For ACF-Brill, which just turned the profit corner last year, after three years of losses...
...developing equipment for the transportation and refrigeration of dairy products." Another is that when current defense contracts are worked off, ACF-Brill will have upwards of $10 million in working capital, which Foremost can use for further expansion. But Wall Streeters suspected that a very important reason for the merger was similar to that which had encouraged Floyd Odium to consider buying money-losing Kaiser-Frazer Corp.: the advantage of taking over a company's past losses to offset the buying company's excess profits taxes (see Taxes). ACF-Brill, with $25 million in invested-capital tax base...