Word: profit
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Dates: during 1980-1989
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...biggest and boldest of the arbs is Ivan F. Boesky, 47, who has his own privately held firm. He raked in about $50 million on Texaco's 1984 takeover of Getty and $65 million last year when Chevron bought Gulf. Three weeks ago, Boesky turned a tidy profit when he bought 3 million shares of Holiday Inns at $47.30 just as the company was offering to buy back its stock...
...them began buying Dan River stock as a sign of local support. After six months of struggle, company officers bought up the public stock and turned Dan River into a private firm. Icahn, who had started buying shares at $12, sold out for $22.50, for a total profit of $8.5 million. After his victory, Icahn named his new German shepherd attack dog Shiloh in honor of the Civil War battle in which the North defeated the South...
...Isgur, a longtime follower of Disney stock for Paine Webber, a Wall Street broker: "It was obvious that it would be very difficult, if not impossible, for Steinberg to buy Disney. But he played the publicity game very well. The stock was bid up, and he made a nice profit." Just before Disney, Steinberg greenmailed Quaker State Oil Refining, buying 8.9% of the firm on the open market and then selling it back to the company. His profit: $10.5 million...
...Liquidator. Irwin Jacobs, 43, has trained his takeover artillery on such corporate giants as ITT, Pabst Brewing, Kaiser Steel and Disney Productions. He was in an earlier phase of the Phillips battle but sold his 4.6 million shares for a sizable profit shortly before last week's voting...
...turned out, failing at brewing was one of the best things that ever happened to him. He sold his beer brands (Grain Belt, Hauenstein and Storz) to G. Heileman Brewing and auctioned off machinery, thus making a $5 million profit. He used that money in a joint venture with the Pohlad family of Minneapolis to buy nearly $300 million worth of property and uncollected bills from bankrupt retailer W.T. Grant for the fire-sale price of $44 million. Says he: "That was the mother lode that got it all going." It earned him the nickname Irv the Liquidator...