Word: mergers
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Angry telegrams from stockholders flooded Kennecott's New York headquarters. Company switchboards lighted up with so many abusive telephone calls that four secretaries threatened to quit, complaining of the scatological remarks coming over the wires. One vice president, trying to persuade an irate California stockholder that the merger would prove beneficial in the long run, got the reply: "Sonny, I'm 84 years old, and I ain't waitin' around for the long run." Kennecott stock sells for about $22 a share, or $20 below book value...
...taking jobs in private industry. Declared Wisconsin Re publican William Steiger: "This is an appalling use of public funds." The double-dipping would gradually end if the two retirement programs were merged. Nonetheless, the House bowed to intense pressure from lobbyists for the Government workers and shelved the merger for at least two years. That will give the Executive Branch time to search for a way to combine the programs in a manner acceptable to its employees...
...that the two generals will quickly confer with a third, General Peter Walls, commander of Rhodesia's 45,000-man security forces. Rhodesia's whites generally accept majority rule as inevitable, but they oppose dismantling the white-led military and police. The cease-fire plan, however, calls for a merger of Walls' forces with guerrillas who owe allegiance to Black Nationalists Robert Mugabe and Joshua Nkomo. Thus prospects for an early peace in Rhodesia depend heavily on negotiations about security that involve three widely respected but relatively unknown soldiers. Brief profiles of the three...
...considering a merger with the American Society of Planning Officials and although Robert Brown says the merger "wouldn't affect recognition in any negative way," Kain is uncertain about the move's implications. There is currently no professional national organization that certifies planners. The AIP, or a new organization, may try to take on this task, assuming that it can conform to federal regulation that govern certification programs...
...Merger arbitrage is a different and enormously expensive game: it consists of buying up big chunks of stock in a company that might be subject to takeover, in the hope of selling at a profit to the firm that eventually acquires the target company. The principal practitioners, all based in New York City, number no more than 20. They include such well-known investment houses as Salomon Brothers; Bache Halsey Stuart; Goldman, Sachs; and Lehman Brothers, which make arbitrage purchases for their own accounts, on behalf of wealthy clients, or both. There are also a few individual operators, ike Ivan...