Word: tenderizer
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Dates: during 1980-1989
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...Warner merger while Paramount appeals to the Delaware Supreme Court, which agreed to consider briefs throughout this week and hear the final arguments in the case ! on July 24. The appeal prevented Time from purchasing 100 million of Warner's nearly 200 million shares in a $70-per-share tender that had been scheduled to expire this week. Time would acquire the remaining Warner shares later for cash and securities...
...points for the week but at the general level where analysts expect it to settle, at least briefly, if the Time-Warner deal goes through. Warner stock closed at 64 1/2, up 2 3/4, on the increased likelihood that Time would be able to carry out its tender offer. Paramount, which has been rumored to be a possible takeover target itself, closed...
...California oil company Unocal to escape a raid by takeover artist T. Boone Pickens. In that case, the court decided that companies may take defensive moves only if they are "reasonable," as Unocal's were deemed to be. Paramount argued that Time's decision to launch the tender offer for Warner was excessive in proportion to the takeover threat and thus failed to meet the Unocal standard. But Allen rebuffed that claim, holding that the Time board "did only what was necessary to carry forward a pre-existing transaction in an altered form...
...Guskin either had no larger vision of the play or could not express it. The performances clash in tone and degenerate into monologues and star turns, all but devoid of emotional connection save in the first tender flirtation between Pfeiffer and the disguised Mastrantonio. By far the worst offender is Goldblum, who seemingly has no clue about his character. In a blatant pitch for cheap laughs, he relies on grimaces and gestures from The Fly, topping them off with a pantomime of catching and eating some insect. At best the show skitters along the surface of a script rich...
Some experts viewed the Paramount tactic as a move to buttress its position in Delaware chancery court, where Paramount contends that Time is in effect interfering with its shareholders' desire to tender their stock. "This will add a notch to Paramount's legal argument, but it will only put pressure on Time if 70% to 90% of its shareholders tender their stock to Paramount," said Jeffrey Greenblatt, a partner in Cambridge Capital Holdings. "Time does not have to take any new defensive steps," he added, "because there is no threat that Paramount will be able to acquire Time's stock...