Word: v
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Dates: during 1960-1969
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...Temco-Vought, who during a nine-day fight for control of the company had eventually made a tender offer valued at $560 million-one of the biggest ever. But by week's end, staid Allis-Chalmers, which is the area's biggest employer, had delivered L-T-V its first defeat-however temporary-in Ling's long takeover history...
Looming Large. Ling's campaign naturally provoked nationwide fascination. Starting with a $3,000 stake in 1946, he had wired together a series of dazzling acquisitions to build a conglomerate that topped $468 million in sales last year. And this year "the Ling Dynasty," as L-T-V is sometimes called, has loomed even larger. In March a surprise Ling tender offer hauled Chicago's Wilson & Co. into the fold. Early this month, Ling announced a plan to take over Greatamerica Corp., the Dallas-based bank, insurance and airline (Braniff) combine controlled by his longtime ally, Troy Post...
...board would give its O.K. Such politeness hardly suggested a Texas raider, and Ling himself soon ventured out to win the heart and mind of Milwaukee. He phoned Allis-Chalmers directors, then took Roscoe G. Haynie, formerly president of Wilson & Co. and now an L-T-V director, around to the Milwaukee Journal as living proof that bought-out bosses do not just fade away. About that earlier trip to town, Jim told reporters that he had seen a film about Wisconsin that "really was enlightening. I really hadn't known too much about this area...
Allis-Chalmers, for its part, thought it might teach Ling a thing or two. Within 48 hours, its board replied with a blunt rejection of the L-T-V offer, announced that "shareholders will be far better served" by a possible merger in the works with General Dynamics. Ling, back in Dallas by now, was unfazed. He merely uncorked "Plan B"-a new offer to buy all of the stock for a mix of cash plus two classes of L-T-V shares worth, by LTV's estimate, around $55 per share of Allis-Chalmers' common. Moreover...
...pronounced the new offer "far, far more interesting." There was little likelihood that the company would find a savior with anything like LTV's bankroll (furnished by a group of banks headed by the Bank of America) and willing to offer a better price. The company, L-T-V figured, was boxed in and liable to all sorts of stockholder suits if it held out. Thumbs Down. Once again the Allis-Chalmers board retired to consider the offer. And once again it emerged with thumbs down. Stevenson cited doubts about the "realizable value" of the stock that...