Word: tenderizers
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...reputation during a drawnout struggle. At the start of the week, Amexco Chairman James D. Robinson III raised the company's bid for McGraw-Hill stock from $34 a share to $40, or a total of almost $1 billion in cash. But he promised not to make a tender offer to stockholders unless the majority of McGraw-Hill's board approved the bid- or at least agreed "not to oppose it by propaganda, lobbying, litigation or otherwise...
Last week Flom showed some of the qualities that have made him the undisputed "King of the Takeovers." In a bold move, American Express sued McGraw-Hill for libel and "publicly disseminating false and misleading statements designed to induce McGraw-Hill shareholders to reject American Express's tender offer." Attackers do not expect to be loved, but they rarely sue for libel. The 22-page complaint was aimed at silencing Harold McGraw, the publishing company's chief, who earlier in the week took out ads harshly attacking American Express, its chairman, James Robinson, and its president, Roger Morley...
...odds do not seem good for McGraw-Hill's management. In tender offers over the past ten years, the target company has been acquired 85% of the time either by the initial aggressor or by another bidder. Even Lipton, who with his pale, bland face and dark shapeless suits looks like an ambitious bank clerk, admits: "Cash offers are rarely defeated." Two years ago, he fended off Congoleum Corp.'s cash offer for Universal Leaf Tobacco. Says a Wall Street merger and acquisition specialist: "Marty tied Congoleum up for over eight months in the courts...
...when Harvard-trained Flom represented management and Lipton, a graduate of New York University, represented a group of dissident shareholders in the United Industrial Corp. proxy fight. It was a draw. As Lipton recalls, "Joe got four seats on the board and we got four seats." Their first big tender fight was the $84 million Colt (Flom) takeover of Garlock (Lipton) where the term "Saturday Night Special" was coined to describe Colt's lightning raid. It is impossible to estimate which lawyer has a better winning record because even when one loses he usually gains some advantages-in price...
...last years Merrick became the mini-pet of the haut monde. The Princess of Wales visited him, the Prince of Wales sent him venison, and an actress, Mrs. Kendal, was solicitously tender. At the point in the play where she reaches out to take Merrick's hideously gnarled right hand in hers, the emotionally charged impact equals the scene in The Miracle Worker where Helen Keller first comprehends the sign for water. Longing to sleep "like other people," Merrick, who could only achieve rest by lowering his huge head on his knees, lay down one night in 1890, broke...