Word: mergers
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Dates: during 1960-1969
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Some two years ago, Wall Street whiz-bang Meshulam Riklis assigned himself a Herculean task. He aimed to take over Schenley Industries, Inc., one of the nation's biggest distillers (1967 sales: $518 million), through a merger with Glen Alden Corp., part of the $1.4 billion sales complex that Riklis, 44, has shuffled together...
Riklis took first aim at Schenley's eccentric founder, chairman and controlling stockholder, Lewis Solon Rosenstiel, 76. The prospects hardly seemed promising. Rosenstiel had declared that 'I will probably never retire," and had exploded other merger deals. By last week, Riklis was closer to his goal than many an observer thought he ever would be-though ultimate control of Schenley was still much in doubt...
...personal investment of $350,000 in the purchase of Rosenstiel's six-story Manhattan town house, Riklis ran into some new obstacles to the $410 million takeover. There were new rumors that P. Lorillard & Co., the big cigarette, maker which had been rebuffed by Rosenstiel in an earlier merger attempt, was renewing its effort. These were reinforced when the Schenley board failed to take any action acknowledging the Riklis...
City's big stroke was the tentative agreement to acquire Allis-Chalmers. If the stock-swap deal, worth some $366 million at current prices, comes off as planned, one of the nation's longest-running merger dramas will come to an end. Since last summer, the huge farm-and industrial-equipment maker has spurned the courtship of Dallas' LingTemco-Vought, been dropped by General Dynamics and forcefully wrenched from a third merger prospect, Signal Oil. That, reportedly, was the work of Kleiner, Bell & Co., a Beverly Hills brokerage firm, which holds some 15% of Allis-Chalmers stock...
Even with the Wien N.C.A. merger, Alaska still has eight C.A.B. regulated airlines. This will soon change. Already merged are Cordova with Alaska Airlines, which now plans to take over small Alaska Coastal Airlines. Seeing this trend toward bigness among the competition, Chairman Petersen and President Sigurd Wien, the only family member still active, are seeking to expand the new line's routes to nearby Siberia and faraway Chicago...