Word: raiders
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Time was when T. Boone Pickens was the toast of Texas, a relentless raider who could outwit all those corporate bigwigs back East. Lately, though, Pickens' lone star seems to have fallen. His efforts to take over Homestake Mining, a leading gold producer, and KN Energy, a natural-gas company, have fizzled. Because of the continuing slump in the oil patch, profits at his Mesa Limited Partnership have dropped from $70.6 million in 1986 to $31.9 million in 1987, a performance so poor that Pickens has had to borrow money to pay dividends...
Bucking like a determined bronc, Texaco has been trying to throw Corporate Raider Carl Icahn off its back for the past six months. Now the company may finally have succeeded. Last week Icahn conceded that he had lost in a proxy vote of Texaco's 215,000 stockholders. The investors rejected his proposal to put himself and four associates on the oil company's 14-member board in a bid to force Texaco to consider his $60-a-share takeover offer. While the exact tally of the votes is likely to take several more weeks, Icahn figured that he narrowly...
...graduate of Duke and Harvard Business School, Pearlman worked two years for Plaza Securities, the firm of Corporate Raider Asher Edelman. Says Pearlman: "I don't think that age is the most important factor. It's doing your homework and understanding what needs to be done." Evidently, Wall Street agrees. Bankers Trust has offered Pearlman financing worth $120 million, proving that it thinks the young man's takeover is anything but kid stuff...
...stock price were already plunging. The same day that Disney released the film, Roy Disney made a splash of his own by resigning from the board to launch an effort to oust the top management. He sensed an outside takeover looming, which he aimed to fend off. Meanwhile, Manhattan Raider Saul Steinberg, hearing a tip about Disney's turmoil, began to buy a huge chunk of its stock. Contending that Disney was worth more money in pieces than as a whole, Steinberg proposed to sell off everything but the theme parks...
...such a sale would be against the public interest. BP executives are nonetheless distressed at the size of Kuwait's stake in the company: not only could the Kuwaitis easily change their minds about seeking a role in management but they could also sell their stock to any corporate raider interested...