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BUSINESS
November 13, 1991 | From Times Staff and Wire Reports
Travelers to Sell Dillon Read at a Loss: The Travelers Corp. announced that it will sell Dillon, Read & Co., the 161-year-old investment bank, to the firm's management and the British merchant bank Barings. Travelers, the insurance giant, would receive $122 million from the proposed sale, which is subject to regulatory approval. It bought Dillon Read for $157.6 million in 1986. The company said it wants to focus on its core insurance, managed care and investment businesses.
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BUSINESS
November 13, 1991 | From Times Staff and Wire Reports
Travelers to Sell Dillon Read at a Loss: The Travelers Corp. announced that it will sell Dillon, Read & Co., the 161-year-old investment bank, to the firm's management and the British merchant bank Barings. Travelers, the insurance giant, would receive $122 million from the proposed sale, which is subject to regulatory approval. It bought Dillon Read for $157.6 million in 1986. The company said it wants to focus on its core insurance, managed care and investment businesses.
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BUSINESS
July 17, 1986
The sale, for $157.5 million, will end private ownership of one of the last remaining major private investment banks. Dillon, Read is 156 years old and the 32nd-largest firm in its field. It has a history that includes helping finance such future industrial giants as Chrysler Corp. For Hartford, Conn.-based Travelers Corp.
BUSINESS
July 17, 1986
The sale, for $157.5 million, will end private ownership of one of the last remaining major private investment banks. Dillon, Read is 156 years old and the 32nd-largest firm in its field. It has a history that includes helping finance such future industrial giants as Chrysler Corp. For Hartford, Conn.-based Travelers Corp.
BUSINESS
February 2, 1988
Irwin Federman has been named a managing director for Dillon, Read &Co. in its Palo Alto office. In that capacity, he will identify and fund technology-based venture opportunities for Concord Partners, Dillon Read's venture capital unit. Federman will continue in his current positions as vice chairman of Advance Micro Devices Inc. and chairman of the Semiconductor Industry Assn.
BUSINESS
November 27, 1985
Acting on the advice of its financial adviser, Dillon, Read & Co., the board of directors of Sea-Land Corp. said the offer of $25 a share, or $585 million, from Dallas businessman Harold Simmons was "inadequate." The board authorized management to explore all available alternatives. Meanwhile, Simmons, who already controls 25% of Sea-Land, will meet with management Tuesday. He has agreed not to buy any more Sea-Land stock before then.
BUSINESS
April 14, 1989
Formica to Merge: Formica Corp. announced that it has approved a revised merger agreement with a management-led investor group that will pay about $365 million in cash for the laminated products company. The agreement does not allow Formica to accept offers from other companies. The $19-per-share bid by FM Acquisition Corp. includes the assumption of Formica debt. Formica makes laminated products used in kitchen countertops and tables. FM Acquisition was organized by Formica managers and Dillon Read & Co.
BUSINESS
May 24, 1994
Summit Care Corp., a Burbank-based operator of nursing-care and retirement centers, said it has filed a registration statement with the Securities and Exchange Commission for an offering of 1.5 million shares of common stock worth about $30 million. Proceeds from the public offering will be used to repay debt and fund expansion of existing centers and the acquisition and construction of new centers. Dillon, Read & Co. Inc., Robertson, Stephens & Co. L.P. and Smith Barney Shearson Inc.
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