Word: raider
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Dates: during 1980-1989
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...think one goes about beating Harvard by having all six cylinders working--from the goaltender to the power-play to the penalty killers," Raider Assistant Coach Brian Durocher said. "Against most teams, you tend to get six to 10 very good scoring chances. Harvard seems to keep you down to four or five, so we have to be ready to take advantage of those...
...stock market breaks through an important psychological barrier into uncharted territory. While professionals take the milestone in stride, many believe that the run-up marks the start of a third and major upsurge in the great bull market that began in 1982. -- Corporate Raider Carl Icahn gives up on his bid for USX. -- Defections plague a computer-industry alliance...
...corporate managers, the very mention of Carl Icahn's name is enough to cause shudders. But USX Chairman David Roderick may be tougher than most. Last week, after a three-month battle to gain control of the largest U.S. steelmaker, Icahn abruptly gave up, outmaneuvered by Roderick. The corporate raider and TWA chairman had been unable to raise the $10.5 billion needed to capture the company. Says Joachim Schnabel, investment officer for the College Retirement Equities Fund, which holds more than 2 million USX shares: "You have to credit USX management for not caving...
...past forays, Icahn has sometimes walked away with hefty greenmail profits. In a greenmail deal, a raider sells his shares in a target company back to the firm for a premium not available to other shareholders. If that was Icahn's plan in this case, Roderick refused to play along. During his takeover effort, the financier paid an average price estimated to be somewhere between $22.50 and $26 a share for 29.3 million shares of USX. After climbing to 28 3/4 during the takeover battle, the company's stock closed last week at 22 7/8. That means that Icahn could...
Smith Barney, another blue-chip investment firm, started its own brouhaha by suing Goodyear Tire and Rubber and Sir James Goldsmith. To stop a takeover bid by Goldsmith last month, Goodyear agreed to buy back the raider's 12.6 million shares of the company for $52.50 apiece, nearly a 22% premium over their market value of $43. Such buyouts at a premium not available to other shareholders are known as greenmail...