Word: stockings
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Dates: during 1980-1989
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...week Britain's Grand Metropolitan, a brewing and restaurant giant (1987 revenues: $10 billion), made a surprise $5.2 billion takeover bid for the Doughboy's company. Pillsbury is resisting the offer, but at $60 a share, it may be too good for stockholders to refuse. The bid sent Pillsbury stock, which had traded at less than $40, soaring...
...wrong to talk as if all mergers and acquisitions are equally bad. Friendly combinations may improve U.S. competitiveness. The more disturbing deals are the hundreds of hostile takeovers carried out by raiders financed with junk bonds. No wonder corporate executives focus on short-term profits and their companies' stock prices if they constantly have to look over their shoulders for a raider. Even worse, hostile takeovers often saddle the target companies with huge debts that make them weaker than they were before the raid. The solution is not to ban all hostile takeovers, which would allow some ineffective chief executives...
...many people, the Crash of '87 turned out to be a heart-stopping carnival ride that dropped them off just about where they had been before the stock- price run-up that preceded the collapse. But others found their worlds turned upside down. Last year's bulls are this year's goats, and bad-news bears are best-selling authors. A gallery, starting with...
THOSE CORPORATE RAIDERS CAN ALWAYS SMELL A BARGAIN. Takeover artists, restrained by high stock prices before the crash, have gone on a shopping spree once again. Florida-based financier Paul Bilzerian, 38, acquired the Singer Co. for $1.06 billion last February partly because the crash had depressed its stock price. Since then, Bilzerian has sold off eight of Singer's twelve divisions for a total of $1.94 billion, more than enough to cover all his costs. In the end, he is expected to reap a $300 million profit. The Government is investigating his earlier raids for possible securities-law violations...
Georgia's Robert Prechter, 39, had become the hottest stock guru in 1986 and '87 because of the bullish predictions in his newsletter The Elliott Wave Theorist ($233 a year). He based his forecasts on a mix of esoteric formulas and offbeat indicators like hemlines: the return of the miniskirt, he said, was a sign of a peak in the market. Prechter issued a warning on Oct. 5, advising his subscribers to sell their stocks. But he did not predict the downturn's severity, which disappointed some followers. "New business has virtually disappeared," Prechter concedes, but he is philosophical: "Going...