Word: mergers
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Dates: during 2000-2009
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...Time Warner CEO Richard Parsons, with his company's vast array of media properties, including CNN, HBO, America Online, Warner Bros. and New Line Cinema, and a current market value of $85 billion, Icahn has chosen his biggest mark yet. Time Warner has been struggling since the disastrous merger in 2000 with AOL, which sent the company's share price plummeting. An Icahn-led group picked up 2.6% of the company, and "a boatload of hedge funds and other short-term players are sitting in the stock," said Patrick McGurn, special counsel at Institutional Shareholder Services, which advises on proxy...
...double-digit prices, irritating commercials and that imbecile down front with the Mariah Carey ringtone. As a result, the biggest chains are reeling. Market leader Regal Entertainment Group's stock is off 10% this year, and poor results have pushed rivals AMC Entertainment and Loews Cineplex Entertainment into a merger...
...disappointment. He had pursued Unocal zealously since late last year. Just days before the meeting in Beijing, TIME has learned, his investment bankers were still pushing him to up the ante, in hope of knocking Chevron out of the game. Fu, backed by his board, demurred. The potentially historic merger?"one that everyone involved with would have told their grandkids about had it come off," says one board member?had become, as an adviser to the CEO put it, "the deal from hell." Now, at least, the deal from hell was over...
...working life of a car, statistics say, is 16 years. Jürgen Schrempp, head of DaimlerChrysler since 1995, didn't last quite that long. Schrempp is the architect of the controversial 1998 tie-up of Daimler-Benz and Chrysler, the biggest between two firms in industrial history. The merger, he expected, would combine the strengths of the powerful, complementary automotive firms and create a competitive, international corporation. Since then, he's been criticized for expanding at a time of dwindling demand and stiff competition. Last week, DaimlerChrysler's supervisory board unexpectedly announced that the 60-year-old executive will...
...Unocal go? Fu said in an interview last week that his "board is determined to win this bid," a statement some interpreted as a sign that CNOOC will counter a higher Chevron offer. Unocal last week told CNOOC executives that its board might still be open to a merger with the Chinese company if CNOOC meets certain conditions, including shedding some of Unocal's American assets to appease political opponents worried about the loss of domestic U.S. reserves. Directors Courtis and Henkes have been pushing this idea for months, banking sources say, and Fu himself is considering...