Word: repellingly
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...most explosive example of how far states may go to repel raiders came two weeks ago, when Pennsylvania Governor Robert Casey signed into law the toughest antitakeover statute in the U.S. The sweeping measure requires an investor who holds 20% or more of a company's shares for less than two years to forfeit any profit on shares sold within 18 months of a failed takeover bid. The law would discourage takeover artists from launching a raid to drive up the price of a target company's stock and then selling out at a profit...
...Agassiz Theater production of Alben Berg's Lulu is a grave disappointment. Berg's haunting psychodrama about a troubled woman and the people who terrorize her loses all its force in a production which could repel even the most serious of campus opera buffs...
...cash bid was not disclosed, industry analysts have put the price tag at more than $1 billion. Tobu plans to promote Saks in Asia. B.A.T. is said to have received several bids for the highly profitable retailer since putting it up for sale last year in an effort to repel a $21 billion hostile takeover by Sir James Goldsmith...
Stocks have been slammed too. Harcourt Brace Jovanovich, a publishing company that borrowed $2.1 billion last May to repel a takeover attempt by British tycoon Robert Maxwell, has suffered a slump in its stock price from 5 to 2 just since Jan. 1. Time Warner, which has nearly $11 billion in debt from Time Inc.'s acquisition of Warner Communications, has seen its stock fall from 124 at the beginning of the year to 103 1/8 last week. The shares of Stone Container, a paper manufacturer that borrowed $2.2 billion to buy a Canadian competitor last March, have declined from...
...verdict on raiding is becoming clear. Defenders of the practice insist that raiders have made U.S. industry more competitive by forcing bloated companies to slim down and shape up. Yet the towering debt loads piled up during the raider era -- by both the attackers and the managers seeking to repel them -- have made many companies less flexible and far more vulnerable to an economic slump. While the merger- / and-acquisition game will no doubt carry on in the 1990s, such deals are apt to be less grandiose and more carefully wrought than the quick-buck transactions that are currently coming...