Word: rayed
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
When the new 139,000-sq.-ft. store opened, shoppers wondered if they'd wandered into the wrong place. Visitors are struck by racks of sequined evening gowns, stylish suits and hip outfits for teens. "People look confused when they come in for the first time," says Wendorf. Tammy Ray, 31, wasn't confused but pleasantly surprised as she studied the huge jewelry case. "My grandmother told me it was nice," said Ray. Susan Brenton, 41, shopping for her 13-year-old daughter, said, "I'd have never thought to buy her pants at Sears. But recently she got herself...
...company has had little choice but to keep raising its rate of acquisition lest it disappoint shareholders, whom Ray Loewen has promised annual earnings growth of 25% or more. Perversely, though, that promise prompted stock analyst Steve Saltzman to recommend last April that Loewen shareholders sell their stock. "My concern," he says, "is that at some point this company suddenly hits a wall because it simply can't manage the growth." Even under the best conditions, such rapid growth would be hard to sustain; Loewen's battle with Jerry O'Keefe has made it infinitely more difficult. THE COST...
Soon after the Loewen group made its offer to sell O'Keefe the Riemanns' insurance company, the deal began to erode. Or so it seemed to O'Keefe, who suspected the Riemann boys of using their insider status with Ray Loewen to undermine the sale. All at once the company seemed to drag its feet and impose new barriers. Even John Turner, then Ray Loewen's right-hand executive, later testified that he too became convinced that no matter how cooperative O'Keefe tried to be, the deal would not be completed...
...lawsuit had an unexpected aftershock. It depressed the value of Loewen's stock. It also forced the company to issue substantial amounts of new stock, thereby diluting Ray's holdings from 20% to 15%. Both developments made the company more vulnerable to attack. On Sept. 17, SCI announced it was offering to acquire Loewen. After Loewen's board rejected the bid, SCI recast it as a hostile takeover, this time for $45 in stock for each Loewen share, for a total value that Loewen and SCI estimate to be more than $4.2 billion...
Equally certain, however, is that future bereaved won't make out so well. No one expects that a successful takeover would lead to cheaper funerals. Indeed, even Ray Loewen thinks prices would probably rise as SCI sought to cover its costs of acquisition. "They would have to get earnings someplace to justify the purchase...