Word: tendered
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...outside of the piano. In Love No. 2, he riffles the strings, producing a wiry thring that scrolls around Charlie Haden's bass. With more songful tunes, such as Everything I Love and Margot, he applies his agile touch to the keyboard and produces some lyrical, tender moments reminiscent of Bill Evans' playing...
Whatever his ultimate objective, White last week brought the battle to a head by making a tender offer, under the name of Thatcher Banking Partners, for 50,000 shares of First National stock at $120 a share. To put its proposed holding company into operation, the bank needs approval of two-thirds of its stockholders. Coming on top of the stock it already holds, the White family's bid, if successful, would give it a 34% interest, just enough to block implementation of the holding company...
Deep-Seated Love. First National labeled the $120-a-share bid too low, as evidence claimed that White himself had asked at least $140 in offering to sell out his family's holding. Urging shareholders to reject the tender, the bank has declared a dividend increase of 43%, from $2.80 to $4. With his tender offer due to expire August 27, Bill White was insisting meanwhile that his motivation went beyond mere youthful ambition. Said he: "This all comes back to a deepseated, three-generation love of Colorado...
Demands of Fairness. Specifically, the N.Y.S.E. board of governors ruled that "negotiations leading to acquisitions and mergers, stock splits, the making of arrangements preparatory to an exchange or tender offer, changes in dividend rates or earnings, calls for redemption, new contracts, products or discoveries, are the type of developments where the risk of untimely and inadvertent disclosure of corporate plans is most likely to occur." Such activities may be kept secret by top management, but secrecy is less and less possible because "at some point it usually becomes necessary to involve persons other than top management." At that point, according...
...same area, President Johnson last week signed a bill that expands the SEC's powers over disclosure. The SEC is concerned about the rapid increase in the number of cash tender offers being made to shareholders. There were 100 such acquisition offers in 1966 v. only eight in 1960. To make sure that they are legitimately and fairly made, the new law provides that anyone who wants to buy 10% or more of a company's stock must immediately identify himself and give a complete accounting of his negotiations and intentions. "Everybody is so scared...