Word: raider
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...many business leaders, Corporate Raider T. Boone Pickens was beginning to look like an unstoppable threat. Moving with growing audacity, Pickens and his partners had piled up more than $800 million in profits during the past three years in raids on several companies, notably Phillips Petroleum and Gulf. But last week the most feared shark in the corporate sea lost a few teeth. In his first clear defeat, Pickens grudgingly agreed to halt his three-month pursuit of California's Unocal, the twelfth largest U.S. oil company. While Pickens maintains he will at least break even on the deal, analysts...
...Texas raider ran into a totally determined foe in Unocal Chairman Fred Hartley. His company managed to repel Pickens primarily with a $3.6 billion offer to buy up part of its outstanding stock for $72 a share, compared with the raider's bid of $54. Ordinarily Pickens would have responded by simply cashing in his 12% share of the company and walking away with a fat profit. Unocal made him exempt from the offer, however, which was a daring strategy since companies generally presume that the law requires them to treat all stockholders equally. Yet in a surprising reversal...
Icahn has made no formal bid to take control of the company, but he has had private meetings with TWA officials. At first the raider suggested that TWA should abandon many domestic routes and sell off parts of the airline. But he quickly backed away from that proposal after TWA officials contended it would not be feasible because the airline needs its domestic routes to feed passengers into its overseas flights. Wall Streeters doubt that Icahn will be successful in overhauling TWA. They point out that he would run into a maze of regulatory and financing problems. Said one industry...
...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...