Word: offer
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Dates: during 1960-1969
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...that if Nigeria takes over all Biafrans will be killed, Ojukwu's people have somehow managed to retain surprising morale. Visitors receive friendly greetings in the street and hear the plea "Help us win the war." In the villages, shouts of "Nno!" (Welcome) are accompanied by the traditional offer of a cup of palm wine, still in plentiful supply. With that, the host will usually break open a kola nut-a mild stimulant that helps stifle hunger...
...corporations, Britons were scarcely cheered to see another such move. What bothered them more was the way the takeover was handled. With the aid of two prestigious British financial advisers, Cazenove and Morgan Grenfell, American Tobacco scooped up a commanding 16.6% of Gallaher's shares by offering a select price to big shareholders. That, complained the City, violated Article Seven of the recently written "takeover code," which makes it unethical to make a purchase offer to some shareholders instead...
...battle began after Imperial Tobacco, leader of the industry, decided to sell most of its 36.75% interest in Gallaher to get money for diversification. Philip Morris quickly moved in. Chairman Joseph Cullman III slapped down $110,400,000 for 50% of Gallaher's stock. Cullman's offer had two effects. Gallaher's board of directors stiff-upper-lipped it as "quite inadequate." And a major Gallaher shareholder that up to now had been satisfied with the status quo was shaken into action. American Tobacco has been a part of the market ever since 1901 when Founder James...
Walker therefore dispatched Executive Vice President Robert K. Heimann to London with an offer of $115,200,000 for 27,325,000 Gallaher shares. "We are here to defend our investment," explained Heimann. "We don't want 100%. We only want control...
...Bride Was Willing. Gallaher was inclined to accept the offer. "Independence is sweet," said Chairman Mark Norman. "But there comes a time when matrimony is attractive too." Cazenove, which had handled the sale of Imperial's stock in Gallaher (at $2.40 a share) knew just where to find the necessary shares (at $4.20). In one amazing hour of purchases, 12.2 million shares worth $51 million were accumulated in American's behalf...