Word: swapped
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...rebuffed in favor of the Glen Alden Corp. Meanwhile, Loew's Theaters Inc. was scorned when it attempted to merge with Commercial Credit Corp., which opted instead to merge with Control Data Corp. Last week the two losers got together on the rebound. In a complicated swap of Lorillard stock for that of Loew's (value of the exchange: at least $418 million), the two companies plan to merge. Loew's will be the dominant survivor...
Under terms of the merger, which must be approved by its stockholders, MCA will become a wholly owned subsidiary of Westinghouse. For MCA, one of the principal attractions of the $385 million stock-swap deal is Westinghouse's higher dividend. And nobody stands to benefit more than MCA's founder and chief stockholder, Chairman Jules Caesar Stein, 72, whose 27% stake in the company has a current market value of almost $90 million. By converting his MCA holdings to Westinghouse stock, Stein's annual dividend return would rise from $1,200,000 a year...
Merger still seems virtually certain; the question is when and with whom. President Goldenson, who prefers a stock swap that would be tax free, had already started preliminary talks with C.I.T. Finance Corp. over the July 4 weekend. Such talks could now resume...
...Hughes magic started ABC share values spinning last week, and the stock closed the week at 68 1/4, up ten points. A major objection from the network's viewpoint is that a cash purchase would make sellers liable to capital gains taxes. Goldenson would much prefer a stock swap that could be taxfree...
...share of convertible preferred stock in the yet-to-be-named holding company. Or 49% of them can have a $55 debenture paying 61% interest for 20 years-a security that analysts figure could be sold immediately for a tidy profit. Wards' stockholders can swap only one share of Wards for one of holding-company common stock, but they have a strong incentive to do so. Container Corp.'s profits of $32.9 million last year were almost double those of Wards, which netted only $17.4 million despite near-record sales of $1.88 billion...