Word: raider
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...shares, or 9.6%. Meanwhile, shareholders of Phillips Petroleum, which tangled with Pickens in 1984, met in Bartlesville, Okla., to vote on a plan that would give Pickens and his partners an $89 million profit on an aborted takeover battle. Rejection of the plan would open the way for Rival Raider Carl Icahn to continue his pursuit of the company. But it could increase Pickens' potential gains by pushing up the value of the Phillips shares that he owns. The result of the vote is expected this week. If the plan is defeated, Phillips could be forced to buy back...
...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...
...Boone Pickens Jr. The danger executives see is that he may be out to buy their company, and when Pickens attacks, his prey rarely escapes unscathed. Indeed, a remarkable run of successes has made T. Boone Pickens, 56, president of Amarillo-based Mesa Petroleum, probably the most feared corporate raider on the business scene today...