Word: mergers
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...which was 35% more than Time's stock price before the offer, exploited the dissatisfactions of many on Wall Street who had long cherished the notion that Time was worth more in pieces than whole. Since the merger agreement was reached on March 3, some investors had complained that the terms provided Time shareholders with no immediate financial reward. Reason: the agreement called for a debt-free swap of 0.465 shares of Time stock for each Warner share...
...response, Davis says he discussed a friendly merger with Munro and Time president N.J. Nicholas several times from 1986 through 1988, but was rebuffed on each occasion. As a result, Davis told TIME senior correspondent Frederick Ungeheuer, "I said we would not do anything hostile and would respect Time's decision to remain independent." But Time then "put itself up for sale," Davis argued, by agreeing to merge with Warner. He said the deal would end Time's independence because the merger would give Warner shareholders 60% of the stock of the combined company...
...magazines. "Not only will we maintain editorial independence," Davis insisted, "we will demand it." Journalists at Time Inc. were concerned because, reassuring as such statements made in the heat of battle may be, they fall well short of the written, legal guarantees that had been cemented into the Warner merger...
...potential obstacle to the largest media merger ever, the planned combination of Time Inc. and Warner Communications, was cleared away last week when Warner settled a four-year dispute with its largest shareholder, Chris-Craft Industries. Since the company holds some 15% of Warner shares, Chris-Craft could have complicated the nearly $20 billion Time-Warner merger. Chris-Craft might have done so by delaying the completion of the merger, as it did last year in Warner's acquisition of Lorimar Telepictures. Both Chris-Craft and Warner made concessions in reaching an agreement to no longer disagree. As part...
...unclear whether Wilson will receive a Harvard faculty appointment in addition to the Radcliffe post. Under the terms of the 1977 "non-merger merger" agreement between Harvard and Radcliffe, the Radcliffe president is also a dean of the University...