Word: poisons
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Corporate raids have inspired such colorful defensive tactics as the Pac-Man counterattack and the poison pill. Now the managers at Borden, the food and consumer-products giant, have created a novel repellent they call a "people pill." Borden said last week that its top 25 officers have agreed to resign en masse during any takeover attempt if they believe stockholders are getting less than a fair price or if any executives are fired or demoted...
...good intentions could stop the proliferation of chemical weapons, the scourge would have been cleaned up long ago. Over the past 63 years, 131 nations have signed the 1925 Geneva Protocol, which outlaws the use of poison gases. Yet at least 17 countries are believed to possess chemical weapons. They were most recently used last March, with hellish results, when Iraq unleashed mustard and cyanide gases on its own Kurdish citizens...
WEAKEST TAKEOVER DEFENSE Pillsbury's "just say no" strategy failed to fend off British consumer-products giant Grand Metropolitan. The Dough Boys also tried a "poison pill" strategy that would have awarded current stockholders a larger share of the company, making it far more expensive to purchase. But a Delaware chancery court ruled against Pillsbury's tactic, and it was gobbled up last week for $5.C5 billion...
...package of cigarettes to poison...
...outstanding bonds lost 20% of their value. Furious bondholders, including Metropolitan Life and ITT, immediately sued for damages. Declared Metropolitan Life chairman Creedon: "No one in his right mind wants to invest in corporate bonds anymore." In fact, the LBO binge has created a financial innovation called the "poison put," which guarantees bondholders against the risk of buyouts and other unexpected deals that might depress their holdings...