Word: munro
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Dates: during 1980-1989
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Chairman and Chief Executive Officer: J. Richard Munro...
...letter last week announcing the upgraded offer to Richard Munro, chairman of Time, Paramount Chairman Martin Davis said he hoped "that your board and management will now discontinue your efforts to preclude stockholder choice and give Time's shareholders an opportunity to consider our offer." Time promised to consider the new bid "in due course" and advised its stockholders "not to act on the offer until they hear from Time...
While Time said it would give the Paramount bid a fair hearing, as the law requires, there was every indication that Time's top executives would fight to repel the intruder. In a three-page "Dear Mr. Davis" letter, Munro chastised the Paramount chairman for breaking his spoken agreement to leave Time alone: "On a personal level, I'm disappointed that I can't rely on you as a man of your word. Live and learn." Munro said the Paramount offer consisted of "smoke and mirrors," since it was subject to several conditions that included Paramount's ability to obtain...
...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...
Chairman and Chief Executive Officer: J. Richard Munro...