Word: mergers
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
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
...billion-dollar mergers and acquisitions become a commonplace in today's corporate world, many executives are finding that making spinoff deals may be easier than managing behemoth-size businesses. Last week Allied-Signal, the product of a $5 billion merger made just seven months ago, announced that it would be divesting itself of some 30 divisions, whose sales total $3 billion. The slimmed-down company plans to focus on its aerospace, automotive and chemicals groups. As part of the restructuring, Allied-Signal plans to eliminate 3,000 jobs and take other cost-cutting measures that should generate savings of about...