Word: mergers
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Dates: during 1980-1989
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...time when several struggling retail chains, including Gimbels and Ohrbach's, are closing their doors, St. Louis-based May Department Stores seems to be thinking only of expansion. Last week May, which operates 2,206 outlets, proposed a friendly merger with Associated Dry Goods, a New York City-based chain with 454 stores, among them Lord & Taylor. Experts estimate that the new company would rank among the top five retailers...
...Reagan Administration has rarely thwarted a major corporate merger. Thus it came as a surprise last week when the Federal Trade Commission said it would sue to stop PepsiCo from buying Seven-Up, and Coca-Cola from swallowing Dr Pepper. Pepsi's bid to merge the No. 2 and No. 3 U.S. soft-drink brands was announced in January, and industry leader Coke agreed to buy the No. 4 brand a month later...
...with a $65-a share offer. Sperry, which was trading at $55 a share, rejected the bid as inadequate, but became concerned that Blumenthal would try a hostile takeover. Probst reportedly talked with several other firms, including General Dynamics and AT&T, about topping Burroughs' offer in a friendly merger deal. Since none of those discussions panned out, Sperry was vulnerable when Blumenthal came back with a $70-a-share bid last month. After Sperry balked again, Burroughs said it would make a tender offer directly to shareholders. Finally Blumenthal made Sperry an offer almost impossible to refuse...
...theory is that Levine was plugged into a network of arbitragers, the investors who speculate on takeover battles. The arbs, as they are called, typically buy shares in a takeover target after a merger bid is announced. They hope to make a quick profit because rival suitors may start a bidding contest and drive up the price of the stock. Some arbs seem to know about proposed takeovers before they are announced...
...Itek. He sold the stock two months later, after Itek was acquired by Litton Industries, netting $805,035. By last May Levine had joined Drexel Burnham Lambert, and in his most lucrative deal yet, he bought 150,000 shares of Nabisco. Three weeks later, speculation over Nabisco's merger talks with R.J. Reynolds enabled him to sell the stock for a profit...