October 24, 1989 |
UAL Corp.'s non-management directors said Monday that the company should remain independent, ending efforts by an employee-management group to revive its bid for the parent of United Airlines. The directors, speaking for the entire board, said the group's failed $300-a-share offer had been in the best interests of shareholders--a statement that suggests the board won't entertain a lower bid. UAL stock closed Monday at $178.36 a share on the New York Stock Exchange, up $9.
October 14, 1989 |
The $6.75-billion buyout of UAL Corp., the parent of United Airlines, unraveled Friday when the group led by the airline's pilots and Chairman Stephen M. Wolf said it couldn't raise enough money to finance the deal. The collapse sent the stock market into a tailspin, pushing the Dow Jones industrial average down a stunning 190.58 points, and threw a cloud over billionaire Donald J. Trump's bid for the parent of American Airlines. UAL Corp. shares slid $5.50 to $279.
October 28, 1989 |
Comprehensive Care Corp. of Irvine announced Friday that a crucial merger has fallen apart, pushing the nation's largest alcohol and drug treatment center one step closer to filing for bankruptcy protection from creditors. First Hospital Corp. of Norfolk, Va. withdrew from the merger--approved by shareholders last month--after one of its bankers refused to provide financing for the deal because of Comp Care's deteriorating condition. On Wednesday Comp Care posted a $4.
August 8, 1990 |
Security Pacific National Bank confirmed Tuesday that it has joined a group of banks searching for financing for the proposed $4.38-billion employee buyout of UAL Corp., parent of United Airlines. But the buyout faces an uncertain future given rising fuel prices, which would add several million dollars to the annual cost of operating the nation's second-largest airline.
October 17, 1989 |
UAL Corp. shares plunged more than $56 Monday as the airline's pilots and managers worked to revise their failed $6.75-billion offer for the parent of United Airlines. The steep drop in UAL's shares followed the announcement Friday that the employee group, led by UAL Chairman Stephen M. Wolf, had not been able to raise the $4.2 billion needed to buy the company. The news triggered a sharp decline in the stock market Friday, and UAL's shares fell $5.50 that day before trading was halted.