Word: rosenstiels
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Riklis took first aim at Schenley's eccentric founder, chairman and controlling stockholder, Lewis Solon Rosenstiel, 76. The prospects hardly seemed promising. Rosenstiel had declared that 'I will probably never retire," and had exploded other merger deals. By last week, Riklis was closer to his goal than many an observer thought he ever would be-though ultimate control of Schenley was still much in doubt...
Riklis began his most recent push ast month when he went to Miami to make his case at Rosenstiel's winter lome. His offer was one that not even Rosenstiel could turn down. For 945,000 Schenley shares owned or controlled by Rosenstiel, Riklis agreed that Glen Alden would fork over a cool 575 million-or $80 a share for stock hat had been trading for around $65. Last week, with the Rosenstiel stock in hand, Riklis was readying an offer, valued at $410 million, for the remaining Schenley stock...
Irate Charges. Having won over Rosenstiel with tactics that included a personal investment of $350,000 in the purchase of Rosenstiel's six-story Manhattan town house, Riklis ran into some new obstacles to the $410 million takeover. There were new rumors that P. Lorillard & Co., the big cigarette, maker which had been rebuffed by Rosenstiel in an earlier merger attempt, was renewing its effort. These were reinforced when the Schenley board failed to take any action acknowledging the Riklis...
Divorced. By Lewis Rosenstiel, 75, founder and board chairman of Schenley Industries: Susan Rosenstiel, 47, his high-living blonde wife; on charges of "habitual ungovernable temper"; after ten years of marriage (six of separation), no children; in Miami...
Still robust and ever stabbing the air with his long cigars, Rosenstiel only last August gave up the presidency to Scots-born John Mackie, 55. Schenley-Lorillard merger terms and management details still have to be approved by directors and stockholders, but Rosenstiel at last seems ready to end his rambunctious reign. "He screams at you one minute," recalls one former Schenley staffer, "and then loves you the next." Schenley survivors may respond readily to some steady Yellen...