Word: tenderizer
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Dates: during 1960-1969
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...their relentless pursuit of growth through merger, U.S. businessmen are increasingly resorting to a blitzlike form of corporate warfare. It is the tender offer-a public solicitation to buy stock of another company-and it has clearly replaced the old-fashioned proxy fight as the favorite weapon for forcible corporate takeovers...
Last year, no less than 107 companies were swallowed up through the tender route as against a mere eight in 1960. That was only a small portion of the 1,746 corporate mergers and acquisitions in 1966, but the tender total is heading much higher this year. "The ingenuity in this area is unlimited," says Chairman Manuel Cohen of the Securities and Exchange Commission...
...Georgeson & Co., says that "almost all corporations can be categorized as 'attackers,' 'attacked' or 'angels.' " To Indiana's Dodge Mfg. Corp., maker of power-transmission equipment, Cleveland's Reliance Electric & Engineering Co. has just become an angel. Confronted by an unwanted tender offer from Emerson Electric Co., Dodge two weeks ago worked out a stock-swap merger with Reliance...
...Tender offers-predominantly for cash in an affluent age-have grown popular because they can be sprung swiftly at comparatively small risk and cost for the attacker, are less likely than ordinary mergers to run afoul of Government antitrust obstacles. Ordinarily, the cost of a tender offer runs no higher than 3% of the deal-for legal fees, a splurge of advertising to woo stockholders, and interest charges on temporary financing, if it is needed. While proxy fights often turn into marathons (Realty Developer Philip Levin's battle with MGM is now more than a year...
...same collection, he could be familial and tender: Gone now the baby's nurse/a lioness who ruled the roost/ and made the Mother cry. Yet even in his more resigned moments, he really seemed to distrust tranquillity: Cured, I am frizzled, stale and small...