Word: texaco
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Dates: during 1980-1989
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...more than a year, takeover artist and TWA chairman Carl Icahn has been missing from the roiling waters of corporate raids, beached by huge investments in Texaco and USX. But last week Texaco's largest stockholder sent a quiver through the New York Stock Exchange when he abruptly unloaded his 17.3% stake, or 42 million shares, for $2.07 billion (his profit: $600 million). The sale, which ranked as the largest single trade in Big Board history, was so unwieldy that three investment firms -- Shearson Lehman Hutton, Goldman, Sachs and Salomon Brothers -- teamed up to buy the shares. The bombshell transaction...
Corporate raider Carl Icahn, who owns 17.3% of Texaco, has tirelessly hectored its top management for 1 1/2 years with charges that the giant oil company is poorly run. Icahn has repeatedly threatened to stage a hostile takeover, and even tried unsuccessfully to replace Texaco's directors in an old-fashion proxy fight late last spring. Finally, after 14 hours of peace talks, Icahn agreed last week to sign a standstill agreement that prevents him from buying any more stock in the company or trying to wrest control for another seven years...
Icahn will extract a rich payoff. Texaco agreed to pay a special shareholder dividend of $2 billion, nearly $340 million of which will go to the raider. The money will come from the oil firm's $7 billion in proceeds from assets it has sold off since last June, partly at Icahn's urging...
...repel raiders can use an ESOP as a way to put a chunk of the company into relatively friendly hands. "Every corporate treasurer is looking at it," says Paul Mazzilli, a principal at the Morgan Stanley investment firm. In recent months, three major corporations -- J.C. Penney, Ralston Purina and Texaco -- spent a total of $1.75 billion on ESOPs to shore up their takeover defenses. Procter & Gamble announced plans in January to spend $1 billion to boost its ESOP from 14% of outstanding shares to 20%, partly to ward off raiders...
...million drop reflects the fact that Harvard decided during the previous fiscal year to sell its holdings in six companies--Mobil, Texaco, Chevron, Royal Dutch Petroleum, Ford Motors and Phelps Dodge. The CCSR announced that decision last year...