September 18, 1985 |
Richardson-Vicks Inc. on Tuesday rejected a sweetened merger offer from the U.S. subsidiary of Unilever and responded with a series of steps designed to thwart the hostile takeover bid. The moves included the distribution of a new, special preferred stock and "certain actions to ensure the continuity of management, employee job security and protection of employee benefits," the company said in a statement. Spokeswoman Deborah Bennetts declined to specify the other measures taken.
April 24, 1998 |
Linda Robertson of the Miami Herald, commenting on what could be a heated (no pun intended) playoff series between the Miami Heat and New York Knicks starting today. "If [Miami] and [New York] can't control their Vesuvian tempers during their playoff rematch, then by Game 5, downtown Miami will look like downtown Pompeii." Said Heat Coach Pat Riley, "It's a push-shove game, not a run-open game.
September 4, 1987 |
Beatrice Co. said Tuesday that it has retained First Boston Corp. to help sell its four domestic food-products divisions, including Hunt-Wesson in Fullerton. The other divisions to be sold are Tropicana Products of Bradenton, Fla.; Swift-Eckrich of Oakbrook, Ill., and Beatrice Cheese of New Berlin, Wis. A Beatrice spokesman said the sale price may be as high as $6 billion for the four units, which will be offered as a single entity.
December 23, 1988 |
Unilever N.V., the Anglo-Dutch consumer products company that owns Lever Brothers, is rumored to be contemplating a $90-a-share bid for American Brands Inc., stock speculators said today. Shares in American Brands, a tobacco and office products company, soared $9.75 to $67.375 by 1:30 p.m. EST, just slightly off its earlier highs. The stock was the most actively traded on the New York Stock Exchange.
September 17, 1985 |
Stocks halted their recent slide with a mixed showing in quiet trading Monday, giving the Dow Jones industrial average its first gain in a week. Trading was the lightest in more than two months as some investors were absent to observe Rosh Hashanah, the Jewish New Year. Auto and telephone issues paced the gainers, but oil stocks retreated amid renewed suggestions that crude oil prices are headed lower. The Dow Jones average of 30 industrials edged up 1.46 to 1,309.
September 11, 1985 |
Stocks skidded to a broad loss Tuesday in the heaviest trading in nearly five weeks. Much of the decline came in the afternoon and reflected futures-related trading by several brokerage houses, analysts said. Last-minute buying lifted prices above their worst levels, however. The Dow Jones average of 30 industrials dropped 5.82 to 1,333.45, erasing its 3.58-point gain Monday. Losers overall swamped gainers by more than two to one on the New York Stock Exchange, whose composite index fell 0.
September 10, 1985 |
Stocks were mixed Monday as Wall Street showed that it still lacks conviction about the economy's outlook. The uncertainty remained evident in New York Stock Exchange trading volume, whose daily tally has now gone more than a month without exceeding 100 million shares. Big Board volume slowed to 89.85 million shares from 95.04 million Friday. General Foods Jumps The Dow Jones average of 30 industrials climbed 3.58 to 1,339.
September 10, 1985 |
Cosmetics and toiletries maker Richardson-Vicks on Monday rejected an unsolicited, $1.24-billion merger offer from Unilever NV that was designed to give the giant European-based consumer products company a further foothold in the U.S. market. Richardson-Vicks, known for its Vicks, Oil of Olay and Vidal Sassoon brands, said the $54-a-share cash offer for all of its 23 million outstanding shares was "inadequate." The Wilton, Conn.
September 20, 1985 |
A federal judge issued a temporary restraining order Thursday blocking a plan by Richardson-Vicks to issue a new class of preferred stock in its effort to avoid a takeover by Unilever NV. "I have considered that, as a matter of law, the proposed stock dividend is an impermissible step," U.S. District Judge Richard Owen told lawyers for the two sides.
February 14, 1987 |
To the many companies that feared hostile takeover bids in recent years, Martin A. Siegel was Chief Rescuer. Siegel was Wall Street's king of the takeover defense. In his 15-year stint as a takeover specialist at Kidder, Peabody & Co., he devised defensive strategies for hundreds of companies, reaping annual compensation of well over $1 million by the time he left Kidder a year ago to join the rival investment firm of Drexel Burnham Lambert.