Word: tendered
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...basis of last week's offer, Howard Hughes did not look like a savior in Goldenson's eyes. According to the tender put together by Loeb, Rhoades (which should collect at least $500,000 in fees if the proposition goes through), Hughes would buy ABC shares at $74.25 apiece. That would be about $15 above the market price when the offer was first made, although the 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...
Latvian-born Sven Lukin, 34, also distorts perspective to reflect the pressures of Manhattan life. Of his grey and pink Squeeze, he explains: "Think of tender flesh squeezed under an environment that is all speed, cement and cars. Grey is an urban color." Squeeze seems to loom above the viewer far larger than its actual eight feet because its vanishing point is situated a foot or so below the painting, in what is known as "worm's-eye perspective." Traditionally, perspective was used to make a painting seem to open a window into the wall; Lukin uses the technique...
...cash flow that businessmen dream about. That, together with the fact that its management owns less than 1% of the company's stock, has made it a prime target for takeover. When Manhattan-based Loew's Theaters Inc. undertook to win control of the company with a tender offer to shareholders last month, Commercial Credit's board decided that it would much prefer a partner of its own choosing. Last week it moved to sidestep Loew's by agreeing to merge with Minneapolis' computer-making Control Data Corp...
...deal, involving at least $580 million in Control Data securities, must be approved by shareholders of both companies-and that could prove to be a major hurdle. The reason is that Loew's, apart from whatever additional stock it may pick up through its tender offer, is already Commercial Credit's biggest stockholder, having bought almost 10% of the company's shares on the open market during the past year. And Loew's President Laurence Tisch, assailing the proposed get-together with Control Data as a "shotgun wedding," was plainly in no mood to surrender...
Commercial Credit is confident that Loew's tender offer, which expires at the end of this week, will fail to attract enough stock to win control. But in one sense, Loew's stands to win even if it loses. The takeover struggle has sent Commercial Credit's stock soaring, with the result that Loew's last week showed a paper profit of more than $20 million on its holding in the company...