Word: swap
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Bendix had already quietly bought about 4.5% of Martin Marietta stock over the past 3½ months. Last week it offered $43 a share in cash for 45% of the company's 35.6 million shares. The remainder would be acquired by a swap of Bendix stock at a ratio of .82 for each share of Martin Marietta, or the equivalent of about $43 a share. Martin Marietta described the bid as "unsolicited" and said that it would announce a decision early this week. Though a serious takeover fight is possible, Martin Marietta is more likely at first to turn...
...Alberta, Canada, Bob Hope's 10,000 acres of California land and several Learjets. Those were just a few of the big-buck items available last week at the Sales Trade and Purchase International, a two-day event in Reno, described by Orga nizer Brian Lovig as a "swap meet for the elite...
...idea for the event from the experience of running his own business, in which he found himself doing more traveling, but making fewer transactions. By organizing a meeting of businessmen with similar interests and fortunes, he hoped to attract as many as 500 participants. Though only 55 attended the swap, Lovig declared himself "unhappily happy" about the event. Said he: "I'm unhappy there's not a larger crowd, but I'm happy because when was the last time so many people like this gathered in one office?" Lovig, who might repeat the event next year...
...year, working out deals as the June 15 trading deadline approaches. But all year is trade time for a card collector. In school, on the playground, after dinner and even after bedtime, deals can always be made. Of course card traders have the advantage of being able to swap seven players from six teams for nine players from five teams without really losing anything...
...Camino Real hotel in San Salvador, where most of them stay, the 200-odd foreign journalists in El Salvador daily swap stories of near misses and miraculous escapes. In one episode a photographer rolled under his car just in time to elude bullets blasting from a helicopter gunship overhead. In another, a van carrying an NBC crew had its windows blown out; the passengers got away unhurt save for cuts from flying glass. Such adventures are often recounted with black humor, and justified on the grounds of competitive pressure. Says one U.S. newsman: "If another network gets a story...