Word: raider
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Over the past three years, Mesa Petroleum Chief T. Boone Pickens has become America's best-known corporate raider, earning more than $800 million for Mesa and its partners and striking cold fear into the hearts of U.S. oil companies. Knowing a good yarn in the making, at least seven major publishers have been competing for the rights to his autobiography. The winner: Houghton Mifflin, which will pay Pickens $1.5 million for his story. "We'll have some details that haven't been told before," said Pickens last week...
...year has been a struggle. The Denver-based carrier lost $31 million in 1984 and sold almost half its fleet to raise cash. Last week Texas Air Chairman Frank Lorenzo unveiled his plan to solve the airline's woes. Lorenzo, who was outbid for TWA in August by Corporate Raider Carl Icahn, offered $20 a share in a deal that could mean $250 million to Frontier. Said Lorenzo: "It's extremely hard for a small airline to compete...
While one Peabody official described Perot as "the best thing to happen to anthropology since the discovery of King Tut's tomb," some New York residents now seem to regard him as a corporate raider...
Before the drama of hijacked Flight 847 began to unfold last Friday, executives of Trans World Airlines were preoccupied by an equally riveting, corporate development: the birth of a huge new airline company. TWA, which has struggled for the past month to escape Corporate Raider Carl Icahn, agreed to be acquired by Texas Air Corp., which already owns Continental and New York Air. The merger will create the second largest U.S. airline, after United...
Meanwhile, Chrysler announced that it might acquire Gulfstream Aerospace, an aircraft manufacturer, for some $640 million. Finally, Trans World Airlines continued to fend off a hostile bid from that hungry raider, Carl Icahn, who holds more than 26% of the outstanding TWA shares. The airline's executives might try a leveraged buyout, which would involve management's borrowing money to purchase the company. But Eastern Airlines has said that it was considering a bid for TWA. According to Wall Street slang, TWA is now "in play." Stay tuned...