Word: targets
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Dates: during 1980-1989
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Meantime, the raider would make plans with an investment banker to raise the cash or credit needed for the takeover, often by launching a junk-bond issue. With such financial backing lined up, the raider could then announce a bid for the controlling interest in the target company's stock. By then, the necessary holdings might be in the hands of arbitragers, who would be waiting to sell at a still higher price than their own efforts had created...
...victim fights back, outside brokers who are unregistered with the major stock exchanges might enter the game, usually as stalking horses for the raider. The job of the so-called third-market brokers is to "sweep the Street" quickly and quietly for any available blocks of stock in the target company, usually after regular market hours or when normal trading in a stock has been suspended under exchange rules. Then they turn the shares over to the raider...
...makes the prospects for collusion virtually endless. Since brokers and junk-bond dealers often know about a raider's plans well in advance of the general public, those professionals have the opportunity to tip off other investors or to make their own profits by trading in the target stock...
...biggest target is the U.S., where most of the millions of personal- computer owners have yet to use their machines for telecommunications. "The American market is potentially enormous," says Jean-Louis Fourtanier, whose Paris-based CTL Telematique has formed a partnership with Baseline, a New York City data service, to provide a selection of Minitel offerings in the U.S. Earlier this month, Baseline hooked up a 64-channel telephone link to France that for $10 an hour will permit stateside subscribers to tap into news reports from Liberation and feature stories from the magazine L'Evenement du Jeudi. Says Fourtanier...
...Texas economy went dry -- and just about everything that Connally and Barnes touched turned bad. Their $14 million, 14-story office building in Houston, 80% vacant, was foreclosed on and sold at auction. A swanky housing development, Triple Crown condominiums in Ruidoso Downs, N. Mex., is the target of a foreclosure suit. More than a quarter of the 212 lots in Austin's plush estates of Barton Creek sit unsold. A creditor has sued to foreclose on four shopping centers; a fifth has already been lost...