Word: regise
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Last June, Publisher Rupert Murdoch (New York Post, the Times of London) startled executives of St. Regis by revealing that he had bought 5.6% of the shares of the big paper and forest-products company for $65 million. A few weeks later Murdoch launched a takeover fight. That sent the...
Many Wall Street analysts welcomed the transaction. Said Mark Rogers of Dean Witter Reynolds: "This deal will make almost everybody happy." That includes Murdoch, who stands to make a profit of around $37 million by selling his St. Regis stock to Champion.
Walt Disney Productions and St. Regis Corp., the forest-products firm, have both been victims of greenmail. In a greenmail ploy, an investor buys enough stock in a company to pose a takeover threat in hopes that the firm's officers will buy him out at a premium. Disney...
Last week Disney and St. Regis faced the fact that greenmail is like blackmail: a company that pays once merely invites new demands. Australian Publisher Rupert Murdoch, who owns 5.6% of St. Regis, said that he was raising $757 million to buy 50.1%. Meanwhile, a group of investors headed by...
In a greenmail deal, an investor buys up enough of a company's stock to pose either a takeover challenge or the threat of a proxy fight. Worried because they may lose their jobs, the top men too often capitulate and offer to buy back the greenmailer's...