December 28, 1988 |
American Brands Inc. stock rose in heavy trading Tuesday, extending its huge gains from Friday on rumors that Anglo-Dutch consumer group Unilever or another suitor may bid for the tobacco and office products company. American Brands ended the day up $1.75 at $69.50 a share on the New York Stock Exchange. The stock soared $10.125 to $67.75 last Friday on speculation that Unilever, the consumer products company that owns Lever Brothers, was considering a $90-a-share bid.
January 23, 1988 |
The sudden move by American Brands Inc. to acquire its hostile suitor E-II Holdings Inc. marks a rare use of the controversial "Pac Man" takeover defense, and some analysts said that it might work. American Brands, a consumer products company based in Greenwich, Conn., on Friday began a $13-a-share tender offer for all of E-II's 61.8 million common shares outstanding, a deal worth about $805 million. On Friday, American Brands' stock closed at $47.37, up 61 cents, on the New York Stock Exchange.
December 1, 1994 |
American Brands Inc., acting on its plan to concentrate on its core businesses, said Wednesday it will sell its Franklin Life Insurance unit to American General Corp. for $1.17 billion in cash. American General, a Houston-based, diversified financial services holding company, has also been pursuing a $2.6-billion hostile takeover of another competitor, Unitrin Inc. Franklin Life, based in Springfield, Ill., focuses on the middle-income insurance market.
June 23, 1987 |
American Brands Inc. said Monday that it will pay $602 million in cash for Acco World Corp., a move that will almost double the office products revenue of the diversified packaged consumer goods company. It is the second major acquisition by American Brands in two months. In April, the Old Greenwich, Conn.-based company acquired the distilled spirits business of National Distillers & Chemical Corp. for $545 million.