Word: mergers
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Dates: during 2000-2009
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While the rest of America sat watching New Year's Day bowl games on TV on Jan. 1, 1984, Getty Oil Scion Gordon Getty and J. Hugh Liedtke, chairman of Pennzoil, shook hands on a $5.3 billion merger. In Getty's luxurious New York City apartment overlooking Fifth Avenue, Liedtke agreed to pay $110 a share for 43% of Getty Oil. Five days later, Getty's board of directors approved a deal--but not with Pennzoil. Between Jan. 1 and Jan. 6, Texaco Chairman John McKinley had made a bold $125-a-share bid for Getty, and Getty's board...
...testified that the offer of $110 a share by Pennzoil's Liedtke was "hostile" and said the board had rejected it on Jan. 2. Miller argued that Getty's board had felt trapped by Pennzoil's offer and sought out a so-called white knight to be a friendlier merger partner...
...while Pennzoil shot up $7.62, to $57.50. Some irate legal experts felt that the compensation awarded to Pennzoil was disproportionate to the injury. Said Martin Klein, chairman of the American Bar Association's bankruptcy-litigation subcommittee: "Pennzoil is in a better position than it would have been if the merger had gone through...
...award. Texaco has vowed to fight his decision if it does not get a favorable judgment, and the case could eventually go to the Supreme Court. Whatever the outcome, last week's ruling is likely to make companies and corporate raiders more cautious about the tactics used in megabuck merger negotiations. --By Gordon M. Henry. Reported by Dean Brelis/New York and Gary Taylor/Houston
...this year, more than triple the euro-zone average. Many Russians are still poor and live in wretched conditions, but on the whole, household income is up, and especially in big cities like Moscow and St. Petersburg, people are ready to splurge. The spending boom is creating a merger wave in sectors as varied as banking, brewing and confectionery. Alongside the Dixons deal, the huge Belgian beer company InBev is finalizing the last pieces of a $730 million acquisition of Russian beer giant Sun Interbrew, and Coca-Cola recently agreed to buy Multon, Russia's second largest juice company...