Word: raider
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Dates: during 1980-1989
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...junk pile could collapse. Last week New Mexico Republican Pete Domenici introduced a Senate bill that would halt the feverish growth by putting a moratorium until the end of the year on most takeovers financed by junk bonds. The bill could put a stop to deals like Corporate Raider T. Boone Pickens' plan to acquire Unocal with some $3 billion in junk bonds, one of the largest issues ever proposed...
Since October the hungriest shark in the corporate sea has been swimming gradually smaller circles around California's Unocal, the 14th largest U.S. oil company (1984 sales: $11.5 billion). Corporate Raider T. Boone Pickens started buying into the company's stock, insisting at first that he intended to make only a modest investment. Pickens confirmed last week that his appetite has grown. The Mesa Petroleum chairman announced that his investor group, which now holds 13.6% of Unocal, is seriously considering an effort to gain control of the company. Pickens' group last week asked Unocal to postpone its annual shareholders meeting...
...Texas oilman has reaped his vast payoffs through the mastery of the takeover battle, a colorful form of corporate warfare fought with dollars, stock and shareholder votes. The campaigns are as vivid as the terminology of their tactics (see box). A takeover raider typically launches his attack by buying a significant percentage of a firm's stock and offering to pay other shareholders more than the current market level for their securities. The goal is to get enough shares--typically 51%--to win control of the company and the ability to run it. Management and the raider frequently get into...
Angry stockholder meetings are a long way from Icahn's early life as the son of a synagogue cantor in New York City. After studying philosophy at Princeton, the future raider spent two years in medical school, but quit when he realized that he was not enjoying the work--and becoming a bit of a hypochondriac to boot. After a stint in the Army at Fort Sam Houston, he used a few thousand dollars won in barracks poker games to get started on Wall Street. He made $50,000 in the bull market of 1961, then lost it just...
...maneuver, an investor buys up a large block of stock in a company and threatens to take it over in hopes that the firm's management will become frightened and buy the shares back at a higher price than the stockholders can get, just to get rid of the raider. Last summer, in such a ploy, Steinberg bought 11.1% of Walt Disney Productions. After a long battle with Disney management, he sold the stock to the company for $32 million more than he had paid for it. Says Lee Isgur, a longtime follower of Disney stock for Paine Webber...