Word: schenley
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Dates: during 1960-1969
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...theater companies with $1.4 billion a year in sales. Overextended and debt-laden, Riklis' empire almost collapsed five years ago. He rallied by selling off a big chunk of his complex to raise funds. Last week he climaxed his comeback by capturing his richest corporate prize yet: Schenley Industries...
...Enough Schenley stockholders accepted a tender offer to give Riklis' Glen Alden Corp. 88% control of the big distiller (1967 sales: $518 million). Fat with $323 million in working capital, Schenley was a tempting merger plum. As befits Riklis' guiding philosophy-described as the art of buying companies with their own money-Glen Alden is paying for Schenley mostly with promissory paper. For each H Schenley shares, worth about $85 in the stock market, Schenley stockholders get $13 in cash; they also get a $100 debenture that pays 6% annual interest until its 1988 maturity. Riklis can thus...
Whatever management changes may be ahead, the acquisition apparently ends the career of Schenley's eccentric founder and chairman, Lewis S. Rosenstiel, 76. Before making his tender offer for the balance of Schenley stock, Riklis persuaded Rosenstiel to sell his own 18% controlling interest for $75 million in cash. Riklis also personally bought Rosenstiel's six-story Manhattan town house for $350,000. "Mr. Rosenstiel," said Riklis last week, "has indicated his desire to retire...
...percentage of the total work force, in the same period, increased from 26% to 36% as more blue-collar women moved into the jobs such men might have held. Determined women are still finding new opportunities. Since women buy 45% of the liquor purchased in the U.S., Schenley Industries Inc. last fall hired blonde Marsha Lane, 39, for the newly created executive position of "women's marketing consultant." Other women are making their marks in other fields. Among them...
...other Schenley stockholders, Riklis has announced terms quite different from the Rosenstiel purchase. Though Rosenstiel was paid largely in cash, other shareholders will be offered a package of cash, long-term debentures and warrants for their stock. The terms were hardly made known when last week three irate Schenley stockholders brought suits to block the deal. Among their charges: that Riklis would merely raid Schenley's treasury to recoup the merger costs...