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July 12, 1989 | DAN FISHER, Times Staff Writer
An investment group headed by flamboyant takeover specialist James Goldsmith launched an "unsolicited and unwelcome" $21.5-billion bid Tuesday for BAT Industries PLC, the British conglomerate that includes American subsidiaries ranging from Saks Fifth Avenue to Farmers Insurance Group Inc. of Los Angeles.
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BUSINESS
April 24, 1990 | KATHY M. KRISTOF, TIMES STAFF WRITER
Los Angeles-based Farmers Group was spared from yet another change in ownership as British financier Sir James Goldsmith abandoned his long-running $21-billion takeover bid for the insurer's owner, BAT Industries of London. Under Goldsmith's takeover plan for BAT, Farmers would have been promptly sold to a French financial firm. But efforts by Goldsmith's Hoylake Investments Ltd.
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BUSINESS
July 12, 1989 | DAN FISHER, Times Staff Writer
An investment group headed by flamboyant takeover specialist James Goldsmith launched an "unsolicited and unwelcome" $21.5-billion bid Tuesday for BAT Industries PLC, the British conglomerate that includes American subsidiaries ranging from Saks Fifth Avenue to Farmers Insurance Group Inc. of Los Angeles.
BUSINESS
April 10, 1990 | KATHY M. KRISTOF, TIMES STAFF WRITER
California insurance regulators on Monday rejected a plan to purchase Los Angeles-based Farmers Insurance Group, dealing a severe blow to a related $21-billion international takeover effort by British financier Sir James Goldsmith. Two European firms--Axa Midi Assurances and Goldsmith's Hoylake Investments--had jointly sought to buy Farmers, one of the biggest insurers of cars and homes in California, which is now owned by BAT Industries of London.
BUSINESS
April 10, 1990 | KATHY M. KRISTOF, TIMES STAFF WRITER
California insurance regulators on Monday rejected a plan to purchase Los Angeles-based Farmers Insurance Group, dealing a severe blow to a related $21-billion international takeover effort by British financier Sir James Goldsmith. Two European firms--Axa Midi Assurances and Goldsmith's Hoylake Investments--had jointly sought to buy Farmers, one of the biggest insurers of cars and homes in California, which is now owned by BAT Industries of London.
BUSINESS
August 31, 1989 | BRUCE KEPPEL, Times Staff Writer
Attorneys for BAT Industries, the London-based parent of Farmers Group in Los Angeles, urged state insurance regulators to scrutinize each stage of what they portray as a triple change in Farmers' ownership if investor groups succeed in taking control of BAT. The $13.4-billion bid for BAT Industries, made by an investor group headed by Sir James Goldsmith, calls for the immediate sale of Farmers to a French company, Axa Midi Assurances of Paris.
BUSINESS
August 11, 1989 | From Reuters
A group of 200 members of Congress asked Secretary of State James A. Baker III to raise the issue of possible U.S. securities laws violations in Sir James Goldsmith's hostile bid for BAT Industries. Sen. Mitch McConnell (R-Ky.) Thursday released a letter signed by many prominent Democrats and Republicans expressing concern that the $21.3-billion takeover bid was designed to circumvent U.S. takeover laws.
BUSINESS
July 18, 1989 | From Reuters
French financial group Compagnie Financiere de Paribas said Monday that it might join Sir James Goldsmith in his proposed $21.2-billion buyout of BAT Industries PLC. "We are considering taking part in the bid. Very advanced discussions are under way with (Goldsmith's) Hoylake Investment Ltd.," a Paribas spokesman said.
BUSINESS
November 17, 1989 | BRUCE KEPPEL, TIMES STAFF WRITER
An investment group led by British financier Sir James Goldsmith said Thursday that it would be prepared to launch a cash and paper bid of $20.6 billion if U.S. regulators allowed it to acquire Britain's BAT Industries. But the group emphasized that it is under no commitment to make the hostile offer, which, if successful, would be the world's second-largest takeover ever after the $25-billion leveraged buyout of RJR Nabisco.
BUSINESS
February 14, 1990 | BRUCE KEPPEL, TIMES STAFF WRITER
California insurance regulators opened a crucial hearing Tuesday into the suitability of Axa-Midi Assurances, a French insurance firm, to own Los Angeles-based Farmers Group. Farmers' current parent, BAT Industries of London, is being pursued by Hoylake Investments, headed by Anglo-French financier Sir James Goldsmith. Hoylake has agreed to sell Farmers to Axa-Midi if it succeeds in acquiring BAT.
BUSINESS
November 18, 1989 | BRUCE KEPPEL, TIMES STAFF WRITER
French insurer Axa Midi Assurances accused BAT Industries on Friday of using its Farmers Group subsidiary as a "poison pill" in a takeover battle. Axa Midi would own Los Angeles-based Farmers Group if Sir James Goldsmith is successful in his effort to purchase BAT Industries in what would be history's second-largest takeover. "BAT is trying to manipulate the U.S.
BUSINESS
November 17, 1989 | BRUCE KEPPEL, TIMES STAFF WRITER
An investment group led by British financier Sir James Goldsmith said Thursday that it would be prepared to launch a cash and paper bid of $20.6 billion if U.S. regulators allowed it to acquire Britain's BAT Industries. But the group emphasized that it is under no commitment to make the hostile offer, which, if successful, would be the world's second-largest takeover ever after the $25-billion leveraged buyout of RJR Nabisco.
BUSINESS
October 6, 1989
Sir James Goldsmith on Thursday gave up his attempt to bypass the state regulatory approvals required in his hostile takeover bid for Britain's BAT Industries and its insurance subsidiary, Farmers Group. So far, Goldsmith's argument--that the proposed takeover of BAT, valued at nearly $22 billion, is an international affair beyond the jurisdiction of individual states--has been rejected by federal courts in seven of the nine states involved.
BUSINESS
October 6, 1989
Sir James Goldsmith on Thursday gave up his attempt to bypass the state regulatory approvals required in his hostile takeover bid for Britain's BAT Industries and its insurance subsidiary, Farmers Group. So far, Goldsmith's argument--that the proposed takeover of BAT, valued at nearly $22 billion, is an international affair beyond the jurisdiction of individual states--has been rejected by federal courts in seven of the nine states involved.
BUSINESS
October 3, 1989 | BRUCE KEPPEL, Times Staff Writer
Axa Midi Assurances, the French insurer that would buy Farmers Group if the Los Angeles firm's parent is taken over, denied Monday that it would finance the acquisition with junk bonds, as critics have claimed. Axa Midi, based in Paris, intends to finance its purchase through a combination of cash and commercial bank loans, it said. Axa Midi has agreed to pay $4.
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