Word: mergers
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Since then, individual investors have been asking their brokers to cut them in on the game of arbitrage. Fat chance. Merger arbitrage is a gamble only for high rollers-people with the wealth and insouciance to risk millions on a single transaction. There are other types of arbitrage, but they are scarcely as exciting. The word arbitrage is old French, and in that language means "arbitration." In financial English, it has traditionally described trading on price variations on the same commodity in different markets -buying cotton in New York, say, and selling it in Hong Kong, where the price might...
...five years ago, and successfully down-zoned the property adjacent to nearby Putnam Ave., thus limiting the space Harvard would have to build another dormitory. But Hill says the University is still considering construction of another dormitory in the vicinity of Putnam Ave. With the possibility of a full-merger between Harvard and Radcliffe and the fulfillment of a one-to-one undergraduate sex ratio in mind. "We haven't yet excluded the possibility of building in front of Putnam Ave.," Hill says. In fact, he adds, if Harvard builds another House, it will probably be on University property near...
...corporate activity that the stock market's sag has not discouraged is the big takeover. Quite the contrary: partly because share prices are low, the number of multimillion-dollar mergers is rising. W.T. Grimm, a Chicago firm of merger consultants, counts a somewhat lower total number of mergers and acquisitions so far in 1977 than a year ago, but in the first six months of this year it found 20 cases in which a company proposed to pay $100 million or more for control of another firm, as compared with twelve bids of that size in the same...
...list of big deals announced over the past twelve months includes the largest U.S. merger ever: General Electric's $2 billion purchase of Utah International, a company that mines coal and copper. Two other huge mergers: Mobil Oil's $1 billion acquisition of Marcor, the company that owns the Montgomery Ward department stores, and Atlantic-Richfield's $700 million buy-out of Anaconda, the copper-mining giant. Right now, Gulf Oil has offered $440 million for Kewanee Industries, an independent oil and gas producer; PepsiCo has bid $315 million in stock for Pizza Hut, a chain...
...surge in big merger proposals? Primarily, says Stephen Friedman, a partner specializing in corporate marriages at Goldman,, Sachs, because many managers of giant companies find that "it is cheaper to buy than to build." Their own companies are flush with cash, and as they look around for expansion possibilities, they find numerous companies not much smaller than their own selling for less than asset value per share-so that they can afford to make an offer well above market price and still pick up a company relatively inexpensively...