Word: shared
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Dates: during 1980-1989
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...trade battles between Japan and the U.S., few have provoked more friction than the fight over the semiconductor industry. Ten years ago, U.S. companies manufactured 80% of the world's computer microchips, but since then the Japanese have taken over roughly that share. Last week a group of seven American computer companies, including archrivals IBM and Digital Equipment, announced a move that might help the U.S. recoup some of its lost ground. The companies will create a joint venture that will manufacture and sell dynamic random-access memory (DRAM) chips using IBM technology...
...latest agreement replaced a March merger proposal that called for Time to acquire Warner in a swap of 0.465 shares of Time stock for each Warner share. But some on Wall Street had complained that the deal gave Time shareholders no immediate financial reward. "The marketplace has told us we can do better," said Time's Nicholas, 49. "We're still acquiring Warner, but now we're using cash." Nicholas acknowledged that the combined company's earnings would suffer in the short run, but he argued that the company's value will be evident to anyone who examines its assets...
...Wall Street investors took a cautious first look at the proposed Time- Warner cash bid. Time stock, which had closed at 180 on Tuesday on rumors that major new bidders might enter the fray, fell to 162 1/2 a share on Friday. Warner stock rose to 59 1/4, up 3 1/8 for the week, and Paramount, which was also the subject of takeover rumors, closed at 58 1/8, down 1. Many takeover speculators, some of whom own stock in all three companies, seemed perplexed at the growing complexity and unpredictability of the triangular struggle...
Some investors nonetheless expressed outspoken support for the deal. Said Gordon Crawford, a money manager at the Los Angeles-based Capital Group, the largest institutional owner of Time shares: "If you put Time and Warner together, you have what I think will be the greatest media and entertainment company in the world. I would rather be a long-term owner than cashed out of one of the world's most exciting companies at $175 a share." Concurred Kendrick Noble, who follows media companies for the Paine Webber investment firm: "After all the smoke blows away and we can look...
...rejecting Paramount's bid and going its own way, Time contends that the $175-a-share offer was never really credible. Nicholas noted that it was contingent on "substantial conditions" that included Paramount's ability to obtain financing and the approval of regulatory agencies...