Word: raider
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...charges against the three date back to June 1984, and, among other things, they involve the 1985 takeover battle waged against oil giant Unocal by Corporate Raider T. Boone Pickens. (At no point last week was Pickens alleged to have taken part in any wrongdoing.) Unocal, which was advised by Goldman, Sachs, eventually beat off the raider's advances, at a cost of $4.4 billion. But according to the charges, Goldman, Sachs Partner Freeman, who was privy to Unocal strategy, disclosed inside information about an important defensive move to Siegel at Kidder, Peabody. The move was a so-called exclusionary...
United Airlines announced two weeks ago that it would cut about 1,000 employees, or more than a quarter of the Chicago headquarters staff, as part of a program to save $100 million in 1987. Battered USX, which lost $1.83 billion in 1986 and fended off the predations of Raider Carl Icahn, last week said it would shut down four steel plants and lay off about 4,000 of its 22,000 active steelworkers. Something of a storm was stirred up last week when the New York Times reported that CBS, which has already pruned some...
...buyout spree has created yet another powerful incentive for restructuring: fear of takeover. In many cases, corporations have fought off raiders only by buying up huge amounts of their own stock, and along the way accumulating huge amounts of debt. Once the threat has passed, firms have been forced to restructure to regain profitability. In other cases, they have slashed costs and boosted profitability precisely to keep their stock prices above the level at which they would attract bargain-hunting takeover sharks, who are likely to chop far more brutally and indiscriminately than the present managements. No less a titan...
...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...
...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...