Word: mergers
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Dates: during 1980-1989
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...dean in the college--a position assured the Radcliffe president in the 1977 non-merger merger agreement--and the supposed leader of the women's undergraduate community, Horner could have forged a new role for herself, and Radcliffe, within the Harvard administration. She chose not to. Wilson has already indicated plans to do the same...
Ross was speaking of Time Inc. and Warner, whose planned merger has come to resemble a three-dimensional chess game, with the winner destined to become king of the global media board. Rumors and speculation ran wild, and stock prices gyrated, as directors of Time met last Thursday and early Friday to consider the hostile $10.7 billion takeover offer that Paramount Communications had put forward the previous week. After deliberating for ten hours on the 34th floor of the Time & Life Building in Manhattan, the board approved a double-barreled response that demonstrated Time's determination to complete its merger...
...proceed with the merger in the face of the Paramount attack, Time abandoned its earlier plan for a debt-free, tax-free stock swap with Warner, and instead launched a $70-a-share tender offer for 100 million of Warner's nearly 200 million shares. That would buy Time a controlling interest in its merger partner; the remaining Warner stock will be acquired later in exchange for cash and securities. The deal will cost Time the kind of debt it and Warner had hoped to avoid -- somewhere between $7 billion and $14 billion. Unlike the original Time-Warner arrangement...
...stock in friendly hands, and it gives Time a head start in its acquisition of Warner shares. Time also asked a federal court in New York City to halt the Paramount bid on the grounds that it reflected a "campaign of deception and manipulation" to derail the Time-Warner merger. The suit alleged that Paramount feared the competitive impact of a Time-Warner combination and was intent on keeping such a merger from taking place. Said Nicholas: "I'm convinced that Paramount's was a spoiler...
...extraordinary stakes. The Time-Warner deal had gathered support among many U.S. business leaders because it suggested a healthy way for companies to grow and expand without incurring a backbreaking load of debt. But the frenzy that surrounded the Paramount proposal last week seemed more closely linked to the merger mania of the roaring '80s than to hopes of restoring U.S. competitiveness in the 1990s. At the very least, the managers and employees of Time, Warner and Paramount stand to be distracted for months by the takeover struggle. And while a clash of the titans may be an exciting spectacle...