Word: stockings
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Dates: during 1980-1989
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Corporations fighting off takeover bids have devised sundry exotic defenses: concocting so-called poison pills of potential debt, filing protracted lawsuits or amassing the stock of would-be acquisitors. Lately a new strategy seems to be gaining favor: paying gobs of borrowed money to all stockholders, including unwelcome suitors, in a maneuver known as recapitalization. The idea is to create a debt-burdened company less attractive to raiders. Last week both publishing giant Harcourt Brace Jovanovich (1986 revenues: $1.3 billion), of Orlando, and travel conglomerate Allegis (1986 revenues: $9.2 billion), of Elk Grove Township, Ill., made use of this shark...
...gambit was clearly successful for Harcourt, the largest U.S. textbook + publisher, and its imperious chairman, William Jovanovich, 67. Early last week the company's 15-member board voted to proceed with a $3 billion plan that will give each shareholder a package of special dividends and stock valued at more than $50 a share. The next day British Press Baron Robert Maxwell, owner of the London Daily Mirror, called off a $44-a-share takeover bid. Jovanovich had made the fight a battle of personalities. He called Maxwell's offer "preposterous" and declared the Fleet Street habitue "entirely unfit...
...engaged in a bidding war with Media Mogul Rupert Murdoch over the Herald and Weekly Times, Australia's largest media group. Last August Holmes a Court disclosed that he was seeking a 15% stake in USX, the steel giant. As takeover speculation pushed the price of the stock upward, he reportedly took a profit on a block of his shares...
Texaco shares hopped from 36 5/8 to 37 1/2 the day of Holmes a Court's purchase announcement. But in view of the company's oil reserves and other holdings, many Wall Street analysts still consider its stock sharply undervalued. Holmes a Court said as much in a letter informing Texaco Chief Executive James Kinnear of his investment: "The intrinsic value of Texaco's assets is substantially higher." Texaco agrees. In a statement, the company declared, "We assume that he shares the view expressed by others that . . . the stock is a good long-term investment...
...between Pennzoil and Getty Oil, a judgment that finally led to Texaco's bankruptcy filing in April. On the other hand, Holmes a Court's purchase may mean that he believes a settlement between the two sides is in the wind, a development that would push up Texaco's stock price and earn Holmes a Court a fast profit...