Word: swap
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...some investors and mutual-fund salesmen are concerned, one of the uglier ornaments was a rider tightening up Section 351 (a) of the Internal Revenue Code. It ruled out the establishment of any exchange funds or-as they are more commonly known-swap funds that had not been registered with the Securities and Exchange Commission before last...
...check for $69 million that McDonnell brought with him to pay for 1,500,000 shares of Douglas stock. That was the main reason the Douglases had finally come to terms: McDonnell was the only suitable merger prospect that could supply cold cash immediately. Even before the stock-swap merger, which still needs shareholder approval, is completed, the prospect of the deal may defrost lenders who have been cold about extending Douglas some $400 million in credit...
...catch up with the trend, which began with the health scares of the late 50s, to ward profitable acquisitions as a hedge against poor cigarette sales prospects. Last May, American took over Sun shine Biscuits, Inc., the nation's second largest biscuit maker, in a $113 million stock swap. Last month it bought 96% control of Chicago's James B. Beam Distilling Co. for some $110 million. Two weeks ago, it agreed to buy 52.66% control of Buckingham Corp., which distributes Cutty Sark Scotch in this country, from Schenley for some $50 million. Last week Walker announced plans...
...stockholders of both companies approve, American will take over Royal Crown in a $130 million swap, run it under present management. In contrast to American's $1.2 billion sales, which have risen hardly at all in the past six years, Royal Crown's sales have tripled to an estimated $64 million since 1960. And the third-ranked soft-drink company (after Coca-Cola and Pepsi) promises to keep on outpacing its parent...
...proposed merger of the two companies, which will involve a stock swap and the retention of Hilton's name and penthouse-level management, comes at a propitious moment: TWA is negotiating for rights to new, competitive trans-Pacific routes that would include Tokyo and Honolulu, where Hilton hotels are waiting. Additionally, good hotel accommodations are scarce, foreign-financed hotel construction is stagnant, and by 1970, TWA will have a fleet of cavern-cabined Boeing 747 jets hauling hordes of passengers around the globe. "With more people flying and more planes carrying them," said a TWA spokesman...