Word: mergers
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Dates: during 1960-1969
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...merger magician, Meshulam Riklis, 44, fits into a niche all his own. Starting in Minneapolis as a $50-a-week securities analyst, he stitched together a conglomerate composed of retailing, clothing, textile and theater companies with $1.4 billion a year in sales. Overextended and debt-laden, Riklis' empire almost collapsed five years ago. He rallied by selling off a big chunk of his complex to raise funds. Last week he climaxed his comeback by capturing his richest corporate prize yet: Schenley Industries...
Enough Schenley stockholders accepted a tender offer to give Riklis' Glen Alden Corp. 88% control of the big distiller (1967 sales: $518 million). Fat with $323 million in working capital, Schenley was a tempting merger plum. As befits Riklis' guiding philosophy-described as the art of buying companies with their own money-Glen Alden is paying for Schenley mostly with promissory paper. For each H Schenley shares, worth about $85 in the stock market, Schenley stockholders get $13 in cash; they also get a $100 debenture that pays 6% annual interest until its 1988 maturity. Riklis can thus...
...announcement of the prospective merger between Loew's and Lorillard took Wall Street by surprise. Negotiations had been secretly carried on in suburban Scarsdale, N.Y., where both Loew's Chairman Laurence A. Tisch and Lorillard Chairman Manuel Yellen live. Meeting at the Tisch home in Scarsdale, Tisch and Yellen were able to work out within one week a deal by which Lorillard's product line (Kent, True, Newport, Old Gold and Spring cigarettes, Tabby cat food and Reed candies) will join the 14 hotels and 110 theaters controlled by Tisch and a younger brother. The merged company...
...Siegel, president of Chris-Craft. "If a guy can justify an acquisition by getting into the 'leisure time' market, he can have a good time." As Siegel himself undoubtedly does. He was chairman of Baldwin-Montrose Chemical Co. until last January, when, in a prelude to a merger with the big boatbuilding firm, he also took over Chris-Craft's helm...
...Review and vice president since 1961 of its parent, McCall Corp.; of a heart attack; in Asbury Park, N.J. Acting against the advice of friends, Cominsky in 1942 took on the small, impoverished Saturday Review of Literature, revamped its advertising, helped enlarge its editorial content and agreed to a merger with McCall in 1961-all of which boosted circulation to nearly 600,000 copies a year, 15 times that...