Word: mergers
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...York Stock Exchange, abuzz for the past few years with big consolidations in oil, steel and transportation, the reaction was swift and positive. Investors sensed that a new rush was developing toward stocks of communications companies, portending more big mergers and fast price rises. ABC stock shot up $31, to nearly $106, and issues of some other companies in the field also climbed sharply. At week's end CBS had gained 20 1/4, to 108 3/ 4, and RCA, parent of NBC, had risen 4 7/8, to 42 7/8. Newspaper publishers Gannett and Knight-Ridder were...
Each whole warrant would entitle the holder to purchase one share of Capital Cities, common stock at $250 a share for a period of 24 years from the merger For a period of 90 days following the merger, holders of warrants would have the right to sell the warrants to Capital Cities for $30 each...
...prosecutor's allegations that in 1982, while chairman of the Dallas-based LTV Corp. and a director of four other companies, he passed confidential information to Harris on Anheuser- Busch's $560 million acquisition of Campbell Taggart, a Dallas food conglomerate. Thayer also allegedly tipped Harris to two other merger deals. The inside dope netted $1.9 million in illegal profits for Harris along with Thayer's onetime companion Sandra Ryno, a former receptionist at LTV, and six other Thayer friends. Ryno gave the Government incriminating information against her friends and was not charged. Although prosecutors will recommend leniency, Thayer...
Just ten years ago, risk arbitrage was practiced only by a few high rollers. The merger boom, however, has provided so many opportunities that many other investors have become involved. By far the biggest and boldest of the arbs is Ivan F. Boesky, 47, who has his own privately held firm. He raked in about $50 million on Texaco's 1984 takeover of Getty and $65 million last year when Chevron bought Gulf. Three weeks ago, Boesky turned a tidy profit when he bought 3 million shares of Holiday Inns at $47.30 just as the company was offering...
...measures that a company uses to fend off a would-be acquirer, or shark. Typical repellents include changes in a firm's bylaws to make it extremely difficult for an unwanted suitor to gain control. Among the most popular in recent years has been a requirement that a merger must be approved by at least 75% of the shareholders before it can take effect...