Word: zeckendorfs
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...hurly-burly world of real estate, no one fancies himself a bigger operator than smooth-talking William Zeckendorf, president of Manhattan's Webb & Knapp. Says Zeckendorf: "I like to turn peanuts into bananas." Last week, reaching out for a new piece of fruit, Top-Banana Zeckendorf bumped into another big operator. In the collision, Zeckendorf's feet went skidding out from under. Zeckendorf's opponent: Conrad Hilton, who in about a dozen years has risen from an obscure Southwestern innkeeper to a position as the world's biggest hotelman (TIME...
Open for Bids. The battle started three months ago, when word got out that the Statler family, headed by Mrs. Ellsworth Statler, widow of the founder, would listen to bids for the country's third-biggest hotel chain. Zeckendorf promptly offered $50 a share for the 1,551,226 shares of Statler stock outstanding, then selling at $43.50 a share. The Statler board of directors snapped up Zeckendorf's offer, and sent a letter to stockholders advising them to accept. But it turned out that Zeckendorf was talking to the wrong people...
...While Zeckendorf was dealing with the Statler directors, Connie Hilton had been quietly making friends with the Statler family itself. When Hilton heard of Zeckendorf's offer, he hopped on a plane, flew from California to New York to talk to "the people who really counted"-Mrs. Statler and other big family stockholders. Hilton's secret weapon: his argument that he could run the Statler chain better than anyone else. Living in Hilton's Waldorf Towers in Manhattan, Mrs. Statler had watched and admired the way Hilton did business, and was inclined to agree...
Last week Hilton sprang his big surprise. By matching Zeckendorf's price, he had won over the Statler family and bought their 753,000 shares (49% of the total) for $37.6 million. Stockholders owning the remaining 798,226 shares got the same offer of $50 a share...
...Havana, Beverly Hills, Mexico City, Acapulco, Istanbul), and three others in the planning stage (Rome, Cairo, London). But Connie Hilton is not ready to settle back just yet. Though Hilton is not talking, rumors are buzzing that he is in a hot bidding battle with Real-Estate Operator William Zeckendorf (see below) for control of the $67 million Statler chain of eight big U.S. hotels. Zeckendorf has already bid $50 a share for Statler's outstanding stock. Hilton's reported offer: two shares of Hilton stock (latest price: $27) for each share of Statler stock (about...