Word: warners
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Dates: during 1970-1979
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...should an aggressive, well-managed firm want to buy Firestone, the most troubled tire company in the land? Ask Borg-Warner (1977 sales of $2.03 billion), which last week announced a proposed merger that is really an $870 million takeover of the much larger tire and rubber maker ('77 sales: $4.4 billion). The advantages are clearer for Firestone and its unhappy stockholders than for Borg-Warner, which makes auto parts, air-conditioning gear, chemicals and plastics...
...other hand, Borg-Warner seems to be getting a bargain. In a complicated exchange of stock, it would pay about $15 a share for Firestone. That is some $2 above the market price before the offer but far less than last year's $24 high and well below Firestone's book value of about $25 a share, or $1.5 billion. Aside from collecting assets cheaply, Borg-Warner would be buying 1) protection from a possible unwelcome bidder for its own company, 2) a sizable paper loss from the 500-series recall that could be used to reduce future...
Firestone still, faces a Government fine, countless lawsuits over the 500-series tires, and the possibility that the bad publicity may deflate sales of its new, different 721-series tires. Borg-Warner seems prepared to accept these risks, but the deal may still not go through. Washington trustbusters could easily challenge a marriage that would be one of the largest in U.S. business history...
...Warner said that within several years, "We will reduce, as much as we can, the problems students face because of any sort of physical handicap...
...guidelines apply to anyone with a physical disability, not only those people confined to a wheelchair. Warner said yesterday, "We will provide anyone with the education he deserves. That means supplying tape recorders to a blind student or the written text of a lecture to a deaf student...