December 8, 1990 |
With his company attempting to restructure a massive debt load, Meshulam Riklis resigned as chairman and chief executive of E-II Holdings Inc., along with the other members of the board. Samsonite Corp. President Steven J. Green will take over as chief executive from Riklis--the Turkish-born husband of entertainer Pia Zadora who has been a fixture on the corporate scene for three decades and has bought and sold a wide variety of holdings.
December 23, 1988 |
Unilever N.V., the Anglo-Dutch consumer products company that owns Lever Brothers, is rumored to be contemplating a $90-a-share bid for American Brands Inc., stock speculators said today. Shares in American Brands, a tobacco and office products company, soared $9.75 to $67.375 by 1:30 p.m. EST, just slightly off its earlier highs. The stock was the most actively traded on the New York Stock Exchange.
December 24, 1988 |
American Brands, a conglomerate that makes everything from Lucky Strike cigarettes to Master Lock hardware, saw its stock price jump on Friday on rumors of a takeover by Unilever, a British-Dutch consumer and food products giant. The rumors surfaced less than a year after American thwarted another takeover bid made by E-II Holdings Inc., a group of food companies. American, based in Old Greenwich, Conn., counterattacked by buying up E-II and later selling off parts of the company.
October 28, 1988 |
Investment bankers are the alchemists of modern finance: They can turn paper and promises into gold. In the current mania of mergers and buyouts and takeovers, they are able to charge staggering fees that would not have been thought possible only a few years ago. A successful buyout of RJR Nabisco for $20 billion or more, for example, could easily generate fees totaling more than $100 million for financial advisers and attorneys. Already this year, investment banker fees have reached $1.
July 3, 1990 |
Investors defrauded in a massive 1988 insider trading scheme may be entitled to compensation from $19 million in alleged illegal profit surrendered by one of the defendants, officials said Monday. The Securities and Exchange Commission filed a proposed plan in a New York court for distributing the money allegedly obtained in what at the time was the second-largest insider trading case in U.S. history. In 1988, the SEC accused Fred C. Lee, a Taiwanese national living in Hong Kong, and Stephen K.
August 24, 1988 |
Beatrice Co. Chairman Donald P. Kelly, known for his interest and expertise in deal making, will resign from the top post of the Chicago-based consumer products firm. No successor was immediately named for the top job, parent of the Fullerton-based Beatrice/Hunt-Wesson. The resignation, effective Oct. 1, is part of an effort to organize a management team that will concentrate on developing operations--not divestment strategies--for company units, the company said.
September 16, 1988 |
American Brands said Thursday that Brooke Partners LP intends to acquire more than $15 million worth of American Brands' voting stock and may acquire more than 50% of its voting securities. The cigarette and liquor giant said Brooke Partners stated its intentions in a federal antitrust filing. The announcement was made Thursday evening after the stock market closed. American Brands dropped 37.5 cents to $48.375. It has about 110 million shares outstanding.
September 17, 1988 |
Shares of cigarette makers American Brands Inc. and Liggett Group Inc. were fired up by takeover speculation Friday after Liggett's biggest stockholder, Bennett LeBow, said he was interested in buying the larger American Brands. Traders were acquiring the shares of both companies amid wide-ranging speculation over what LeBow, a financial wizard who helped rescue Western Union from bankruptcy, might do next. American Brands stock surged $3.23 a share to $51.675. Liggett jumped $3 to $12.375.
February 27, 1992 |
Burdened by sagging sales, a mountain of debt and a dying retail formula, McCrory Corp., one of the nation's largest and oldest operators of traditional five-and-dime stores, Wednesday filed for bankruptcy protection. The filing in New York City had been expected. Less than two weeks ago, McCrory, which operates J. J. Newberry, TG&Y, S. H.