Word: outbids
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...emptive -- so attractive that Kraft management will be unable to turn it down. The tobacco and food giant is proposing to buy Kraft for $90 a share in cash, a 50% premium over the $60 price of Kraft stock before the offer. To get a friendly match and outbid other possible suitors, Philip Morris may have to raise its bid to more than $100, according to Wall Street analysts. Says Hamish Maxwell, the Philip Morris chairman: "We're prepared to negotiate this deal...
Ever since Laurence Tisch became chief executive of CBS in 1986, tight budgets have become a way of life at the network. So the news last week that CBS had outbid all rivals for the TV rights to the 1992 Winter Olympics in Albertville, France, came as a surprise. CBS will pay $243 million for its first Olympics since 1960. The bid seemed inordinately high to industry experts, in part because of the other networks' diffidence: NBC offered $175 million plus half of any advertising profits in excess of $325 million, while ABC, which paid $309 million for the Calgary...
Sheraton General Manager James Collins said that last November the hotel solicited bids from construction companies for a job remodeling its fifth and sixth floors. He said the lowest bidder was Felsway, Inc. of Medford, which outbid the Carpenter's Union...
...stocks surged so high this year that they were bound to crash, part of the blame belongs to America's relentless band of corporate raiders. As takeover titans battled to outbid one another, the share prices of many target companies -- or companies merely rumored to be targets -- reached unrealistic levels. Now, in the aftermath of Black Monday, the big deals are crumbling, and the raiders are retreating. But for how long? Is this the nadir of the raider, or will sagging stock prices make the targets more irresistible than ever...
Tokyo Billionaire Masao Nangaku, 68, had an expensive fantasy last month, when he outbid five U.S. companies for Las Vegas' struggling Dunes Hotel. The winning price: $157.7 million. Nangaku plans to virtually double the size of the hotel, to 2,200 rooms. Nangaku says he has wanted to buy a casino in Las Vegas for years. Backed by a vast recreation empire (bowling alleys, golf courses, hotels), he apparently had little trouble lining up the financing for the Dunes purchase through his Tokyo bankers. Boasts an aide: "Our assets are worth far more than the price of a Las Vegas...