November 3, 1988 |
Directors of RJR Nabisco Inc. tried to flush out more offers for the giant consumer products company Wednesday by issuing a statement that they are interested in reviewing acquisition proposals. The announcement came more than a week after Kohlberg Kravis Roberts & Co. launched a $20.3-billion tender offer for Nabisco. The aggressive New York buyout firm is offering to pay $90 a share for the company under the condition that Nabisco management approve the deal.
March 22, 1988 |
Britain's Brian C. Beazer said he would settle for only part of Koppers Co., the construction materials and chemicals company that he and Shearson Lehman Hutton Inc. are seeking in a hostile takeover. In a letter that Koppers said its chairman, Charles R. Pullin, received Saturday, Beazer raised his group's offer to $56 per common share, or about $1.6 billion, from $45 a share for the Pittsburgh-based company.
November 8, 1989 |
Shearson Lehman Hutton Inc. will lay off several hundred workers over the next few weeks due to the recent slowdown in the financial markets, the brokerage company said Tuesday. The cuts would be the largest since the slew of layoffs that followed the October, 1987, market crash. Industry analysts predicted that a new round of staff cuts will occur on Wall Street due to recent sluggish retail brokerage activity and a slowdown in leveraged buyouts.
December 7, 1988 |
Shearson Lehman Hutton Inc. was disciplined Tuesday by the National Assn. of Securities Dealers, which oversees the over-the-counter market, for allegedly manipulating some stock prices. The group, which is the self-regulating body for the OTC, announced that it was fining Shearson Lehman $25,000 and suspending it as a market maker in seven stocks for 10 days.
February 9, 1988 |
The head of Gencorp Inc. on Monday accused Shearson Lehman Hutton Inc. of violating its responsibilities as an investment banker by giving privileged information to hostile bidders during a 1987 takeover battle for the aerospace and rubber company. Gencorp undertook a costly stock buyback and reorganization to block the unwanted takeover by two Texans, Cyril Wagner and Jack Brown, and is now 50% smaller than before the bid began. Gencorp Chairman A.
April 3, 1990 |
Shearson Lehman Hutton Inc. said Monday that it will post a massive loss of $900 million in the first quarter, due to losses from operations and a restructuring charge believed to be the largest ever by a Wall Street firm. The charge was widely expected after American Express Co., Shearson's majority shareholder, said last month that it would buy the remainder of Shearson and launch a crash program to turn the troubled brokerage around.
March 10, 1990 |
Fluor Corp. said Friday that it has retained Shearson Lehman Hutton Inc. to "explore strategic options" for its A.T. Massey Coal Co., raising speculation that the company may be considering a sale of that highly profitable unit. Deborah Land, a spokeswoman for Irvine-based Fluor, would not rule out the possibility that the coal manufacturer based in Richmond, Va., might be sold.
July 7, 1990 |
Shearson Lehman Hutton Inc. has agreed to pay the New York Stock Exchange a record $500,000 fine to settle allegations that it violated exchange rules in buying E. F. Hutton & Co. stock in 1986. Shearson is paying the fine without admitting or denying wrongdoing, the NYSE said Friday. Shearson acquired a 4.9% stake in Hutton in 1986, then sold the shares that October after the management of the troubled brokerage rejected a Shearson takeover overture.
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.
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.