Word: walls
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Dates: during 1980-1989
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...hours last Friday morning, more than 40 lawyers, reporters and Wall Street speculators camped outside a quiet office in the Delaware Court of Chancery in Wilmington. They were anxiously awaiting the outcome of one of the most intensely watched corporate takeover fights in the 197-year history of the court. When clerks appeared at 10:30 with copies of Chancellor William Allen's 79-page ruling, the aggressive crowd tore the documents from the court officials' hands. Dialing their offices, moneymen shouted into their cellular phones, "The Time-Warner merger...
...Wall Street had anticipated the Delaware ruling, sending Time's share price tumbling for several weeks on growing speculation that the company would stave off the Paramount bid. Time stock finished trading Friday at 145 1/4, down 6 1/4 points for the week but at the general level where analysts expect it to settle, at least briefly, if the Time-Warner deal goes through. Warner stock closed at 64 1/2, up 2 3/4, on the increased likelihood that Time would be able to carry out its tender offer. Paramount, which has been rumored to be a possible takeover target itself...
...unexpected lobbyists emerged to tout the Time-Warner combination. Director-producer Steven Spielberg, a close friend of Ross's, expressed his support in a telephone talk with the Warner chairman and Nicholas. Spielberg collaborator George Lucas, who distributes their Indiana Jones films through Paramount, wrote a column in the Wall Street Journal last week that praised the Time-Warner deal for promising "steadily increasing values" and attacked Paramount for "contributing to the further destabilization of the entertainment industry and the U.S. economy...
...Although Wall Streeters had generally come around to the expectation that Allen's decision would go in favor of Time, many did not agree with his philosophy when the ruling was announced. They suspected the Delaware court of siding with corporate management to preserve the state's lucrative role as a corporate haven. Most major U.S. companies, including more than half of the 1,671 firms listed on the New York Stock Exchange, are incorporated in Delaware. Said a Wall Street analyst: "What was really at stake was the kingdom of Delaware as the guardian for directors against shareholder rights...
...that B.A.T shareholders would be better off if the company were to refocus on the high-profit tobacco business, which is experiencing new growth in Asia and other overseas markets. A veteran conglomerate-buster who served as the model for the swashbuckling Sir Larry Wildman in the 1987 film Wall Street, the 6-ft. 4-in. Goldsmith may have made his point all too well. Now that he has put B.A.T on the block, other raiders may try to top his offer. Or B.A.T may attempt to boost its stock price beyond his reach by launching a restructuring in which...