Word: outbidding
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...company scored a major coup when it outbid West Germany's Adidas for the right to sponsor the U.S. track and field team from 1981 through 1988. Vitale is paying $8.2 million to the team to outfit the American athletes in exchange for the right to proclaim Kappa a team sponsor. Kappa will furnish the team's competitive attire, while Levi Strauss, the U.S. Olympic team's overall clothing sponsor, will provide the track and field athletes with such items as presentation suits to be worn on the victory stand. The arrangement, says Vitale, has already paid...
...career, the IRS said, Newhouse shunned big dividends in order to pump corporate earnings into new acquisitions. His purchases of dailies like the New Orleans Times-Picayune and its sister, the States-Item (for $42 million in 1962), set records for the amount spent on newspapers. In 1976, Newhouse outbid Times Mirror for the Booth Newspapers of Michigan, whose holdings included the Sunday magazine supplement Parade. The purchase price of $304.5 million remains the highest ever paid in a U.S. newspaper transaction...
...estate tried unsuccessfully to keep records of the case from public view. Law yers argued in court documents that Newhouse's companies were often able to outbid rivals for newspapers because competitors did not know how much the Newhouse firms could spend. "Obviously, the edge that they have over their competitors in the acquisition of additional companies would be lost if their financial information were made public," insisted the attorneys...
...view. He is bankrolling the Michigan Panthers, one of the entries in the infant U.S. Football League. In the business world, Taubman's real estate acumen is legendary. In 1977 he and some investors, including friends like New York Investment Banker Herbert Allen Sr. and Henry Ford II, outbid Mobil Corp. and paid $337 million for the Irvine Co., which owned 77,000 acres of mostly vacant land south of Los Angeles in Orange County. Six years later Taubman and his partners cashed in on the run-up in the housing market and sold the property for more than...
...even in the face of some discouraging reports. The management consulting firm of McKinsey & Co. was asked to assess De Lorean's proposal and reported back that the project had only a one-in-ten chance of succeeding. Nonetheless, the British Labor Party, which was then in power, outbid Puerto Rico by promising some $110 million to get De Lorean's factory to Ulster...