March 26, 1988 |
Beazer PLC, unable to lure Koppers Co. into a friendly deal, on Friday boosted its hostile tender offer for the building materials and cement company to $1.7 billion. Government officials, meanwhile, lashed out at Shearson Lehman Hutton for assuming the unusual role of equity partner in the takeover bid, but Shearson maintains that it is merely acting as a responsible investment banker to Beazer, a long-standing client.
April 12, 1988 |
Shearson Lehman Hutton Inc. on Monday defended its role in the hostile takeover attempt of Koppers Co. against senators' claims that the American Express Co. subsidiary had crossed the line between banking and commerce. "From an American Express Co. viewpoint, not only do we think this to be a Shearson transaction and activity in the normal course of its business, but we also view the uproar by some allies of Koppers as ill-informed, provocative and ill-advised," Harry L.
July 5, 1988 |
British construction giant Beazer PLC said Monday that it had reached an agreement to sell the chemical operations of Koppers Co. to a management-led group for $660 million as it had previously pledged to do. Beazer bought the Pittsburgh-based company last month for $1.8 billion after a long, much-publicized struggle with Koppers. Beazer at the time said it wanted to sell the chemical operations because they did not fit in with the construction group's overall strategy.
March 17, 1988 |
Embattled Koppers Co. said Wednesday that it was studying a cash payout to shareholders, asset sale or employee stock ownership to battle a takeover attempt by a British investor and a New York investment bank. But before Koppers details the recapitalization options under study, the Pittsburgh construction materials and chemicals company likely will launch a publicity campaign criticizing investment banker Shearson Lehman Hutton Inc., according to one securities analyst.
June 2, 1988 |
Koppers Co. dropped its fierce resistance to a hostile takeover bid Wednesday, succumbing to a $1.7-billion offer from British industrialist Brian C. Beazer and abruptly ending a three-month battle that caught congressional attention. The sudden collapse of Koppers' opposition to the takeover spelled the end of independence for the construction materials and chemicals company, one of the largest U.S. road repair concerns and a major Pennsylvania employer.
July 29, 1988 |
The $660-million leveraged buyout of Koppers Co.'s chemicals business has apparently hit a snag, putting a hitch in Brian Beazer's plan to use the proceeds to help finance his $1.8-billion takeover of Koppers. The British industrialist, who prevailed June 1 in a bitter takeover battle against Koppers' former management, did not deny the rumors, which surfaced Thursday, nor would he reaffirm a prediction he made Monday that the chemicals buyout would close Aug. 8.
July 7, 1986 |
America has some smudges on its record on liberty, Holocaust survivor Elie Wiesel said Sunday during closing sessions of Liberty Weekend's symposium, "Liberty--The Next 100 Years." Wiesel said he found America's record less than perfect due to its opposition to the sanctuary movement, its jailing of some refugees and its preservation of immigration quotas.