Word: stockings
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Dates: during 1980-1989
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...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...
Critics of the deal complained that it would not quickly raise Time's stock to the level of Paramount's bid. "Time management had a plan to build an empire, and somebody threw a wrench into that plan by offering the shareholders a better price," said Ralph Whitworth, director of the United Shareholders Association, a Washington-based advocacy group. "It should have been left up to the shareholders to decide" how to vote on Paramount's proposal. Disappointed Time stockholders may be inclined to bring lawsuits accusing the company of failing to look after their immediate interests. Said...
...approval for such transfers "would be difficult even without a hostile bid," says Ross, "but now we'll be challenging them every inch of the way." As the three-way takeover battle wears on, it is likely to be fought in just that contentious manner -- in the courts, the stock market and the corporate trenches...
...distressing. It shows no life and has no time value." His business approach is equally straightforward. "I wanted," he says, "to make furniture out of real wood without it costing that much more than you would pay in a good store." He sells only directly to customers. Prices for stock items range from $155 for a plank stool to $4,000 for a wall case...