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BUSINESS
March 20, 1990 | ROBERT E. DALLOS, TIMES STAFF WRITER
United Airlines' three major unions said Monday that they and a New York investment firm have agreed on a new strategy to acquire UAL Corp., the airline's parent company. The unions joined forces with Coniston Partners in the effort, which will begin with a proxy fight for control of UAL's board, and promised major concessions on wages and benefits if it succeeds. The takeover proposal was valued at $4 billion to $5.2 billion. A previous attempt at a buyout of UAL collapsed last Oct.
BUSINESS
October 8, 1990 | DENISE GELLENE, TIMES STAFF WRITER
United Airlines' unions said Sunday that they will make a new offer for parent UAL Corp. on Tuesday that does not involve bank loans, following the withdrawal from the buyout of four major banks, including Los Angeles-based Security Pacific Corp. The new offer would be financed without bank loans because it would use less cash. Gerald Greenwald, chairman of the United Employee Acquisition Corp.
BUSINESS
July 19, 1990 | ROBERT E. DALLOS, TIMES STAFF WRITER
In a development that united all of UAL Corp.'s employees in the attempt to buy the airline company, UAL's non-union workers said Wednesday that they will support the unions that initiated the takeover bid. The 25,700 non-union employees--reservation clerks, office workers and management personnel--agreed to accept $50.5 million in wage cuts and changes in certain pension and other benefits. In return, if the buyout is successful, they will get 14.
BUSINESS
July 10, 1990 | ROBERT E. DALLOS, TIMES STAFF WRITER
In an important but not conclusive development in the effort by UAL Corp.'s unions to buy the airline company, five big American banks were reported Monday to be interested in providing $500 million each in financing for the proposed $4.4-billion buyout. If the deal goes through, it would make UAL, which is the parent of United Airlines, the largest employee-owned company in the nation. UAL's present shareholders would receive $201 per common share, according to the terms announced April 6.
BUSINESS
October 8, 1990 | DENISE GELLENE, TIMES STAFF WRITER
United Airlines' unions said Sunday that they will make a new offer for parent UAL Corp. on Tuesday that does not involve bank loans, following the withdrawal from the buyout of four major banks, including Los Angeles-based Security Pacific Corp. The new offer would be financed without bank loans because it would use less cash. Gerald Greenwald, chairman of the United Employee Acquisition Corp.
BUSINESS
July 19, 1990 | ROBERT E. DALLOS, TIMES STAFF WRITER
In a development that united all of UAL Corp.'s employees in the attempt to buy the airline company, UAL's non-union workers said Wednesday that they will support the unions that initiated the takeover bid. The 25,700 non-union employees--reservation clerks, office workers and management personnel--agreed to accept $50.5 million in wage cuts and changes in certain pension and other benefits. In return, if the buyout is successful, they will get 14.
BUSINESS
July 10, 1990 | ROBERT E. DALLOS, TIMES STAFF WRITER
In an important but not conclusive development in the effort by UAL Corp.'s unions to buy the airline company, five big American banks were reported Monday to be interested in providing $500 million each in financing for the proposed $4.4-billion buyout. If the deal goes through, it would make UAL, which is the parent of United Airlines, the largest employee-owned company in the nation. UAL's present shareholders would receive $201 per common share, according to the terms announced April 6.
BUSINESS
March 20, 1990 | ROBERT E. DALLOS, TIMES STAFF WRITER
United Airlines' three major unions said Monday that they and a New York investment firm have agreed on a new strategy to acquire UAL Corp., the airline's parent company. The unions joined forces with Coniston Partners in the effort, which will begin with a proxy fight for control of UAL's board, and promised major concessions on wages and benefits if it succeeds. The takeover proposal was valued at $4 billion to $5.2 billion. A previous attempt at a buyout of UAL collapsed last Oct.
BUSINESS
October 9, 1990 | From United Press International
Directors of UAL Corp. today unanimously rejected a scaled-down buyout bid by United Airlines employees and terminated their merger agreement with the employee group. A UAL spokesman said the merger agreement was terminated because the employee group--United Employee Acquisition Corp.--failed to arrange financing for the original $4.4-billion, $201-a-share buyout. The company said that the employee group presented a revised acquisition proposal but that the value was considerably below the $4.
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