August 13, 1988 |
British newspaper publisher Robert Maxwell turned up the heat on Macmillan Inc., formally announcing a $2.1-billion cash tender offer for the textbook publishing giant. However, Maxwell made it clear that his main interest is acquiring Macmillan's information services business. Macmillan already is the subject of a $1.9-billion bid from Robert M. Bass Group Inc., a Texas-based investment group.
May 4, 1988 |
Accusing federal regulators of secrecy and stonewalling, House Banking Committee Chairman Fernand St Germain (D-R.I.) said Tuesday that he will press his investigation of the Federal Home Loan Bank Board's campaign to find a buyer for crippled Financial Corp. of America. An angry St Germain said the bank board, in its eagerness to find a buyer, had been persistently ignoring his requests for information about Irvine-based FCA.
August 27, 1988 |
The board of directors of Macmillan Inc. on Friday rejected British publisher Robert Maxwell's $80-a-share takeover offer for the company, saying its talks with other possible buyers suggest that it could receive more than the $80 figure if it decided to sell. The publishing and information services company, facing takeover threats from Maxwell Communications Corp. and Robert M. Bass Group, described the $2.34-billion Maxwell offer as "inadequate."
July 22, 1988 |
British media magnate Robert Maxwell on Thursday jumped into the takeover fight for Macmillan Inc. with a conditional, $80-a-share offer that topped Robert M. Bass Group's $75-a-share offer for the publishing and information services company. Maxwell Communications' cash offer is good only if Macmillan's board blesses the deal and withdraws its pending restructuring plan.
May 18, 1988 |
Robert M. Bass Group on Tuesday offered $1.5 billion to buy 90.9% of Macmillan Inc., a leading textbook publisher that has been the subject of recurrent takeover rumors for more than a year. In a letter to Macmillan Chairman Edward P. Evans, the Texas investor group said it already holds a 9.1% stake in the company and may increase its $64-a-share offer after talks with Macmillan management. Macmillan executives were said to be meeting Tuesday evening and had no immediate public response.
July 30, 1988 |
Federal thrift regulators have allowed themselves another month in which to consummate the sale of insolvent American Savings & Loan to Texas billionaire Robert M. Bass, officials said Friday. The Federal Home Loan Bank Board, in a statement issued late in the day, indicated that a sale agreement is very close, but added that some details remain to be settled. The sale requires approval of the three-person board.
May 4, 1990 |
Majority owners of Freedom Newspapers Inc., worried that dissident shareholder Harry H. Hoiles might align himself with takeover specialist Robert M. Bass, have created a voting block to thwart unwanted suitors for their family operation. The majority shareholders, representing two branches of founder R. C.
July 15, 1988 |
A Delaware judge Thursday blocked publisher Macmillan from implementing a massive reorganization designed to circumvent an unwanted bid from the Robert M. Bass Group of Texas. Delaware Chancery Court Vice Chancellor Jack B. Jacobs deliberated for nearly five weeks before he issued a 58-page opinion finding that Bass had adequately proven that Macmillan's restructuring "represents an unreasonable and disproportionate anti-takeover response. . . . (thus) entitling them to an injunction."
June 30, 1988 |
Security Pacific National Bank denied Wednesday that it violated a confidentiality agreement with Macmillan Inc. when it agreed to help finance a proposed $1.9-billion hostile takeover of the New York publisher by Robert M. Bass Group. The response came after Macmillan Chairman Edward P. Evans, in a letter Tuesday to Security Pacific Chairman Richard J.
September 14, 1991 |
The remnants of Columbia Savings & Loan, the nation's most profitable thrift when it rode the 1980s junk bond boom, were sold by federal officials Friday to American Savings Bank, putting to rest a failure that will cost taxpayers $1.2 billion. In what amounts to pocket change in the thrift business, American, owned by the Robert M. Bass Group, will assume 20 branches and $794 million in core deposits for a scant $6.1 million.