Word: seagrams
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Dates: during 1980-1989
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...celebrate Du Pont's victory in the greatest takeover struggle in American corporate history. Only 160 miles to the north, in Stamford, Conn., Conoco executives met in Chairman Ralph Bailey's office for their own celebration. One vice president walked up to the bar and jocularly ordered, "Seagram's on the rocks...
Thus ended five weeks of financial maneuvering, courtroom battles, noisy public name-calling and political infighting, all aimed at acquiring the nation's ninth largest oil company. Du Pont had won Conoco by outbidding Seagram, the world's biggest liquor distiller, and Mobil Oil, the second largest American petroleum firm. "There's never been a merger contest like it," said Joseph Perella, a member of the team of investment bankers from First Boston that advised Du Pont on its winning strategy...
...Pont won its hotly contested prize through skill and guile. After making the initial takeover bid on Conoco, Du Pont stood by quietly as Mobil and Seagram aggressively justified their positions in newspaper ads and Conoco filed harassing lawsuits against both. At the same time, Du Pont was executing a clever financial play that enabled it to acquire a majority of Conoco shares at a lower price than Mobil was offering...
During the last two weeks of bargaining for Conoco, Seagram was no longer a serious contender. In spite of its nearly $3 billion bankroll, the Canadian distiller could not stay in the bidding with even better-heeled rivals. Seagram's final proposal was $92 per share...
When last week's deadline for investors to sell stock approached, Du Pont had received 47.3 million shares, or 55%, of Conoco stock. Mobil had managed to acquire only 736,000 shares, while Seagram had almost 27 million shares. After its takeover bid had failed, Mobil sold its Conoco stock to Seagram. When Seagram finally converts all its Conoco holdings into Du Pont shares, it will own about 20% of the company and be the second largest shareholder next to the Du Pont family. The stock purchase took Seagram out of bidding for any other oil company...