Word: paramount
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...been left out. He can't stop kibitzing." All the while, however, Davis was preparing his attack under the code name Kronos, for a Greek god associated with time. Davis was advised by Robert Greenhill, vice chairman of the Morgan Stanley investment banking firm, which is now Paramount's chief adviser in the bid. Paramount said last week that Donald Rumsfeld, a former Defense Secretary, has agreed to serve as trustee for tendered Time stock until Paramount clears all legal barriers to its takeover...
...months for a firm to derail the Time-Warner deal. Morgan Stanley gave its search for a spoiler the code name Project Clock. Merrill Lynch, another Davis adviser, assigned the name Space to its project. Citibank, for its part, stands to make $350 million in fees for putting together Paramount's war chest. At the same time, the bank manages 1.5 million shares of Time stock for its clients, on which they stand to make a huge profit if the deal goes through...
...Washington, where Congress and regulatory agencies had already given their blessings to the Time-Warner transaction, legislators adopted a wait- and-see attitude toward the Paramount bid. Ironically, approval of the Time-Warner merger could make it easier for a Time-Paramount deal to win acceptance, since the two combinations are similar. But a senior congressional aide called such speculation premature. Said he: "The Paramount bid is just the opening move in a game of chess...
...game, however, with extraordinary stakes. The Time-Warner deal had gathered support among many U.S. business leaders because it suggested a healthy way for companies to grow and expand without incurring a backbreaking load of debt. But the frenzy that surrounded the Paramount proposal last week seemed more closely linked to the merger mania of the roaring '80s than to hopes of restoring U.S. competitiveness in the 1990s. At the very least, the managers and employees of Time, Warner and Paramount stand to be distracted for months by the takeover struggle. And while a clash of the titans...
...Paramount's hostile takeover proposal imperils the Time-Warner deal and sets the stage for a free-for-all in which the ownership of all three communications giants could be up for grabs...