March 24, 1986
The firm's total bank debt of about $1 billion is consolidated under the new agreement, which also extends maturities and provides for a $165-million, four-year revolving credit, the Oakland company reported. The refinancing consolidates into a single debt agreement a number of loans previously covered under a variety of agreements with about 40 domestic and foreign banks.
March 24, 1986 |
Kaiser Aluminum & Chemical Corp. said Sunday that shareholders have "overwhelmingly rejected" a takeover attempt by a group led by a reclusive British investor, an Oklahoma real estate magnate and a corporate takeover specialist. British investor Alan E. Clore, takeover specialist Charles Holmes and Joseph A. Frates of Tulsa, Okla.
March 18, 1986 |
Directors of Kaiser Aluminum & Chemical, which is involved in a hostile takeover fight, voted not to make a major acquisition before 1989 or to issue more than $100 million in common stock without shareholder approval, the Oakland-based company revealed Monday. The two resolutions, which were approved March 6, are an attempt to allay shareholder concerns as the deadline nears on the attempt to oust Kaiser Aluminum's board. A group led by Oklahoma investor J. A.
March 2, 1986 |
The last time Cornell Maier and Joe Frates saw each other, neither was very pleased. It was at a meeting Sept. 18 in the Oakland headquarters of Kaiser Aluminum & Chemical. Frates, flanked by some of his partners and financial advisers, walked in with a plan for the friendly takeover of the troubled company.
February 28, 1986
The civil suit accuses Ira R. Davidson Jr. and Arthur H. Woodward of breach of contract. Davidson and Woodward are consultants to a group led by Oklahoma investor J. A. Frates that is trying to take over the Oakland-based company. The firm said Davidson and Woodward signed contracts that prohibit them from revealing confidential information about the company without prior written consent.
February 21, 1986 |
The management of Kaiser Aluminum & Chemical on Thursday sent another letter to shareholders urging them to reject a move by an investor group to oust the Oakland-based company's board of directors and replace it with its own slate. Oklahoma investor J. A. Frates, who heads the group that is mounting a hostile takeover bid for Kaiser Aluminum, branded the letter as the "same old stuff." Kaiser Aluminum Chairman and Chief Executive Cornell C. Maier and President A. Stephens Hutchcraft Jr.
February 13, 1986 |
An investor group that is trying to take over Kaiser Aluminum & Chemical said Wednesday that, if successful, it intends to sell, refinance or joint venture several Kaiser operations, including some in Southern California. The group, led by Oklahoma investor J. A. Frates, has repeatedly said it plans to shrink Kaiser Aluminum, focusing on the Oakland-based company's aluminum and industrial-chemicals businesses, to pay off $1 billion in debt over several years.
February 3, 1986
A group led by Oklahoma investor J. A. Frates increased its Kaiser Aluminum holdings to 19.95% of the Oakland-based company's common stock from 18.6%, the group said in a filing with the Securities and Exchange Commission. The Frates group said it bought 614,000 shares Jan. 29 for $17.50 a share, bringing the group's total holdings to 8,802,950 shares of Kaiser Aluminum. The Frates group is trying to oust Kaiser Aluminum's board of directors and take over the company.