Word: stocked
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Dates: during 1960-1969
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...network operations. ABC's president, Leonard H. Goldenson, thought he had the wherewithal last year, when ITT agreed to buy the network. But the Justice Department entered objections, stalled the deal to the point that ITT Chairman Harold S. Geneen finally backed out because the value of ITT stock had gone up so much in the meantime that his offer was too good. Goldenson has been looking for a savior ever since...
...should collect at least $500,000 in fees if the proposition goes through), Hughes would buy ABC shares at $74.25 apiece. That would be about $15 above the market price when the offer was first made, although the Hughes magic started ABC share values spinning last week, and the stock closed the week at 68 1/4, up ten points. A major objection from the network's viewpoint is that a cash purchase would make sellers liable to capital gains taxes. Goldenson would much prefer a stock swap that could be taxfree...
...commission also announced that it will schedule public hearings on Hughes's acquisition of ABC stock. In that case, Hughes might back out of the deal altogether. In 1963, in the course of a legal battle to regain voting rights on TWA stock that the airline's creditors had forced him to hand over to trustees, Hughes abandoned the suit rather than make a court appearance; he sold the stock for $546.5 million and ended his association with a company that had been among his most cherished assets. The best way to defeat Hughes seems...
Profitable Options. Stockholders can opt to trade a share of Container Corp., worth $38 at week's end, for a $45 share of convertible preferred stock in the yet-to-be-named holding company. Or 49% of them can have a $55 debenture paying 61% interest for 20 years-a security that analysts figure could be sold immediately for a tidy profit. Wards' stockholders can swap only one share of Wards for one of holding-company common stock, but they have a strong incentive to do so. Container Corp.'s profits of $32.9 million last year were...
...total brought Gookin closer to his heart's desire of a billion-dollar 1972 sales year for Heinz. More significantly, earnings were up 17%, to $25,274,000; of that total, 43% came from the domestic side of Heinz's operation. Wall Street liked the flavor; Heinz stock that was selling in the 20s two years ago was up last week to almost...