Word: tenderizing
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Dates: during 1960-1969
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...WILLIAMS: ROGER! (Kapp). There are times when Roger seems possessed of 20 trigger-happy fingers as he ripples through the Beatles' And I Love Her or the theme from The Sand Pebbles. His fluent, if florid, piano style embellishes a light-hearted Georgy Girl, ranges from stirring to tender on the theme from Black Orpheus, and rollicks through the Monkees' tune, I'm a Believer...
...Detroit financiers led by Donald H. Parsons, 36, has taken over five Michigan banks in the past year and forced American Metal Products into a merger with Lear-Siegler. Last week the Parsons group snared a sixth bank, the Monroe (Mich.) State Savings Bank, whose directors approved a tender offer for all its shares...
...most difficult decision for attackers is how much above the going market price to offer for stock they covet. In a study of 50 contested tender offers, Columbia University Professors Samuel L. Hayes III and Russell A. Taussig recently found that the average premium was 16%, though lower-priced stocks ($10 to $20) often required an extra sweetener...
Strategy for Defense. Though resisting tender offers is difficult, Hayes and Taussig figure that the odds nevertheless favor the defense by a 2.86-to-l margin. Defenses are many. Racine Hydraulics & Machinery fought off a takeover bid by Bucyrus-Erie Co. not long ago by writing and telephoning some 3,000 stockholders, joining a hastily formed committee of Racine citizens in buying up its own shares in the market. Sharon Steel Corp. boosted its annual dividend from 60? to 80? a share to help fend off a tender offer by Honolulu Industrialist George W. Murphy. Julius Garfinckel & Co., the Washington...
Protecting the Stockholder. Despite their swift ascendancy, cash tender bids remain beyond the scrutiny of the SEC-a fact that enhances their popularity. But the SEC feels that "the unwary public" needs protection, notably more information to help stockholders evaluate confusing claims of rival tender offers. Accordingly, the commission is backing a bill by New Jersey's Democratic Senator Harrison Williams that would require a tender bidder to disclose his name, financing arrangements, and any plans he has for the firm. Though most brokerage firms and investment bankers favor regulation, many disagree with one part of the bill, which...