Word: share
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Dates: during 1970-1979
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...annual gross revenues hover around $1 million. Now harder times have come. Drought has savaged the nation's peanut crop, and business at the Carter plant is down 15% from last year. Billy Carter recently valued the business at $3.5 million, which would make the President's share worth roughly $2.3 million. As for an asking price, Kirbo says, "I'm going to get as much as I can. It will be strictly a cold, hard business decision...
...years as a journalist, Walter Cronkite has covered his share of wars, assassinations, summit conferences and space shots, but few scoops were as sweet as this one. "There was a lot of desk-slapping and hot-diggity-damns around here," the anchorman beamed, after Egyptian President Sadat and Israeli Premier Begin were shown agreeing, on Cronkite's CBS Evening News last Monday, to schedule their historic meeting in Jerusalem. Says Cronkite: "We knew we were on top of something...
...takeover by Kennecott Copper Corp. (1976 sales: $956 million), the nation's largest copper company, of the Carborundum Co., a Niagara Falls-based diversified firm (sales: $614 million). Reason for the mirth: Kennecott paid the astonishing price of more than $560 million, or $66 a share-twice Carborundum's book value. Many of Kennecott's nearly 72,000 stockholders were sclerotic over the deal. Some had hoped that the company would eventually distribute to them in the form of a special dividend the $1.2 billion in cash and securities that it got from the sale of Peabody...
...vice president, trying to persuade an irate California stockholder that the merger would prove beneficial in the long run, got the reply: "Sonny, I'm 84 years old, and I ain't waitin' around for the long run." Kennecott stock sells for about $22 a share, or $20 below book value...
...first public bid for Carborundum was made by Eaton Corp., the Cleveland-based auto-parts maker, nearly three weeks ago; Eaton offered $47 a share for Carborundum, a pretty premium of $14 for a stock that never sold higher than 40% during the past ten years. When Carborundum rejected that offer, a furious auction began that finally concluded early last week in the Manhattan offices of Morgan Stanley & Co., which represented Carborundum. After some unnamed other bidders called in by phone, Kennecott offered $66, or some 14 times this year's projected earnings...