April 12, 1988 |
The stock of Quaker State Corp. rose sharply on Monday as analysts said a possibly hostile $700-million offer may lure other bidders. An investor group, led by New York-based investment bank Ardshiel Inc., on Friday proposed taking over Oil City, Pa.-based Quaker State, which holds about an 18% share of the U.S. motor oil market.
April 6, 1989 |
A group led by former baseball Commissioner Peter V. Ueberroth has agreed to buy Eastern Airlines in a $464-million deal that would give the strike-crippled carrier's employees a major share of the company, the parties announced today. The deal, subject to approval by Eastern creditors and the U.S. Bankruptcy Court, followed lengthy negotiations with Eastern's parent Texas Air Corp. and was greeted with cheers by union members locked in a bitter struggle with Eastern management.
April 12, 1989 |
WIt was always a long shot. Peter Ueberroth, the 51-year-old former baseball commissioner, Olympic Games organizer and travel industry entrepreneur, tried to save Eastern Airlines in a deal that may have unraveled Tuesday night. Doing so could have boosted Ueberroth's reported ambitions to run for public office--governor of California, perhaps, ultimately, even President. In seeking to buy the bankrupt airline he negotiated a five-year agreement with the unions, who pledged to take big cuts in pay and benefits.
April 7, 1989 |
An investment group headed by former Baseball Commissioner Peter V. Ueberroth said Thursday that it would buy strikebound and bankrupt Eastern Airlines in a deal valued at $463.9 million. The agreement between Ueberroth and Texas Air Corp., which owns Eastern, was reached in a week of negotiations that almost collapsed several times.