Word: outbidding
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...grand master. A confident but ill-prepared President Reagan was lured into a no-win confrontation over the U.S. Strategic Defense Initiative. By offering the near total elimination of nuclear weapons in exchange for restricting SDI to the laboratory, Gorbachev momentarily captured the propaganda high ground. Reagan attempted to outbid him by promising to do away with all nuclear weapons, but the President was nonetheless pictured as the advocate of military escalation while Gorbachev came across as the man of peace. Sophisticated analysts in the West realized that the issue was far more complicated than that, but Gorbachev nonetheless reaped...
Simon, who served as U.S. Treasury Secretary under President Nixon, and his Wesray partner Raymond Chambers have put together 20 acquisitions over the past 5 1/2 years. In the Avis deal, Simon apparently outbid none other than Warren Avis. The Avis founder sold control of his company in 1954 but recently offered to buy it back...
...Frontier Airlines the past year has been a struggle. The Denver-based carrier lost $31 million in 1984 and sold almost half its fleet to raise cash. Last week Texas Air Chairman Frank Lorenzo unveiled his plan to solve the airline's woes. Lorenzo, who was outbid for TWA in August by Corporate Raider Carl Icahn, offered $20 a share in a deal that could mean $250 million to Frontier. Said Lorenzo: "It's extremely hard for a small airline to compete...
...world's largest automaker (1984 sales: $83.9 billion) was courting a mysterious "lulu" of a company, one that would help transform GM from something of a stodgy powerhouse into a high-tech star. Now the Detroit giant was driving off with its prize. After a contest in which it outbid Ford and Boeing, GM agreed to acquire Hughes Aircraft, a major defense contractor (1984 sales: $5.8 billion), for more than $5 billion in cash and stock. The landmark deal is the largest non-oil merger ever. Said Smith: "Lulu is home...
...course, the deal is creating losers as well. Atlantic Richfield, for example, outbid by Socal for Gulfs stock, will have to pay several million dollars in fees to the 61 banks that raised $12 billion to support the Arco offer. Setbacks have also befallen investors, many of whom began selling their Gulf shares last week as the market turned against them, fearing that the merger would be blocked. Said one speculator: "We got hurt two days in a row on this. What's the sense of being right if you're losing money...