Word: tenderizers
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Hughes's tender offer to buy 2,000,000 shares in the TV-radio network and theater chain at $74.25 per share was made July 1 when they traded for $58.88. The bundle would have amounted to 39% of outstanding stock and would have presumably led to a shake-up of management and operations of the company, whose TV network lost $17 million last year. ABC management fought the takeover bid, asking for a court injunction and a hearing by the Federal Communications Commission...
Short of the Bid. The tender offer expired on July 15 at 3 p.m. Not until shortly after 1 p.m., when a federal appellate court denied ABC's request for an injunction, did shares start pouring in. As much as 90% of those offered to Hughes were rushed to his Wall Street dealer, Loeb, Rhoades & Co., within 1½hours of the deadline. Altogether, 1,650,000 shares were counted, some 350,000 short of what Hughes bid for. Still, they represented 28% of ABC common, and would have made Howard Hughes ABC's largest stockholder...
...management at ABC was elated by the turn of events. Concluded ABC President Leonard Goldenson: "Because of their confidence and faith in the future of our company, a substantial majority of our stockholders elected to reject the Hughes tender offer." Shares of the company closed down by only 380 by the end of the week from a high of $67.75 on Tuesday, before the news...
...York, so Frewen caught the night boat to Dublin, hired a special train to speed him to the port in Cork, and arrived just as the Bothnia steamed out of the harbor. He had, however, cabled his brother Richard, who was already on board, to send a tender for him, and he made a dashing transfer to the Bothnia...
...tone of the issue thus is more somber than usual but it is laced with flashes of the most exalted wit, tender and crafty outbursts from the blue depths of the underground sea that these people inhabit. The prose-poetic style is the one we have come to expect of all hippie writing. Only, here it is better than usual--controlled wild lurching from fancy to dirt, with logic running like a deep undercurrent, that occasionally surfaces but more often is just stubbornly felt...