A Thrift on the Mend

Mr. [William A. Cooper] seems most comfortable when discussing TCF’s retail successes, achieved, he believes, by dint of astute marketing. When he arrived in 1985, TCF had a well-entrenched market position but hadn’t utilized that position to gather checking funds. It was largely a CD shop. Since that time, the savings and loan has increased the number of its checking accounts from 90,000 to 290,000. Just as the branch system gets paid a transfer rate of 1% over the Treasury yield curve for the funds it generates, the lending departments at the thrift are charged an equivalent rate for the funds they use. Say that the thrift’s auto lenders are making loans that have an average life of two years. Then the profitability of auto lending at TCF would be equal to the compensation earned on the loans minus the cost of money – which would be 1% over the prevailing rate on two-year Treasuries – and the noninterest direct, indirect, and loan-loss expenses. TCF still has much work to do to reach a viable level of profitability and to win over the investment community. To be sure, as its performance has improved, so has TCF’s stock price. But the higher stock valuation may be related more to takeover speculation than to investor recognition of the improved income fundamentals.
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SANFORD ROSE

Full text: [American Banker (pre-1997 Fulltext)] Jun 7, 1989

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Cool Economy, Hot Bids Boost Bonds, Stocks

Prospects of a cooler economy and lower inflation sparked a big bond rally, while another bout of takeover fever helped push stock prices higher. Long-term bond prices climbed nearly a point, or nearly $10 for each $1,000 of face amount. The Dow Jones Industrial Average rose 16, or 0.6%, to 2512.32 in heavy trading. Broader market barometers, which are more sensitive to takeover speculation, also jumped. Standard & Poor’s 500 Index rose 0.84% and the New York Stock Exchange Index was up 0.8%. Bond traders also said investors are more optimistic about long-term prospects for rising bond prices now that the Federal Reserve has reversed course and lowered interest rates. The Fed signaled earlier this week that it believes the economy is slowing enough that inflationary pressures should ease. Although some traders were disappointed the Fed didn’t lower rates even further, the prospect is for declining rates during the next several months.
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By Douglas R. Sease

Full text: [Wall Street Journal] Jun 8, 1989

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Business Brief — Sanderson Farms Inc.: Chicken Producer Receives Tentative Purchase Proposal

Sanderson Farms Inc., Laurel, Miss., responding to questions about gains in its stock price, said it had received a “tentative” acquisition proposal.
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Full text: [Wall Street Journal] Jun 8, 1989

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CHINA IN CRISIS Hong Kong stock prices bounce back for 2nd day

Associated Press HONG KONG Share prices on the Hong Kong Stock Exchange rose for a second day yesterday.
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Full text: [The Globe and Mail] Jun 8, 1989

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Media deals push markets higher; Stock prices surge on Paramount Communications bid for Time, McCaw offer for LIN

The markets were inspired by news that Paramount Communications is making an offer of $175-U.S. a share for Time, which had been planning to merge with Warner Communications. In another development, McCaw Cellular Communications made an offer of $120 U.S. a share offer for LIN Broadcasting. Paramount shares rose 75 cents to $54.75 and Warner gained $1.75 to $53.50. Separately, LIN Broadcasting jumped $26 to $129.50 and McCaw Cellular Communications gained $3.75 to $47 in the over-the-counter market.
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Full text: [The Gazette] Jun 8, 1989

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Paramount Bid Puts Time’s Stock in Orbit

Paramount Communications Inc’s $10.7 billion buyout offer to Time Inc sent that company’s stock prices up 40% to $170-a-share. The offer comes at a time when Time Inc is to merge with Warner Communications Inc.
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Full text: [The Atlanta Constitution] Jun 8, 1989

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Takeover bids boost market Series: BUSINESS DIGEST

NEW YORK – Stock prices gained ground for the second straight session Wednesday in a busy session energized by two takeover bids in the communications industry: Paramount Communications’ run at Time Inc., and McCaw Cellular Communications’ offer for LIN Broadcasting. The Dow Jones average of 30 industrials climbed 16.00 to 2,512.32 on top of Tuesday’s 15.62-point rise. Advancing issues outnumbered declines by about 9-to-5 in nationwide trading of New York Stock Exchange-listed stocks. Volume on the floor of the exchange came to 213.71-million shares, up from 187.57-million in the previous session. Goodyear leaving South Africa JOHANNESBURG, South Africa – Goodyear Tire and Rubber Co., one of the largest U.S.-based employers in South Africa, said Wednesday it was pulling out of the country. Goodyear said the sale of its tire and rubber operations to South African mining and industrial group Anglovaal Ltd. for $65-million cash would be effective July 1. It is the fifth major disinvestment by a U.S. company from South Africa this year. Tom Barrett, Goodyear’s president and chief executive, cited anti-apartheid sanctions against Pretoria’s white government, double taxes in the U.S. on South African earnings and the likelihood of a further slide in the value of the rand as the main reasons for disinvesting.
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Full text: [St. Petersburg Times] Jun 8, 1989

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Time’s Staff Is Glum; Stock Price Is Salve

The staff at Time Inc is concerned that a takeover by Paramount would mean less editorial freedom.
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Scardino, Albert

Full text: [New York Times] Jun 8, 1989

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THE MEDIA BUSINESS; Paramount Bid Lifts Time by $44

”All I can say,” said one executive who asked not to be named, ”is that we’re reviewing our options.” ”This is not a tiddlywinks game,” another executive close to the deal remarked. ”It’s very, very complicated and it’s still very early.” As to the possibility of Time trying to take over Paramount, Mr. [Martin S. Davis] said: ”It’s just ludicrous.” He told the analysts that, as he has said before, if anyone made a ”proper” offer for Paramount, which until Monday was known as Gulf and Western, ”we’d consider it.”
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COLE, ROBERT J.

Full text: [New York Times] Jun 8, 1989

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THE MEDIA BUSINESS; Time’s Staff Is Glum; Stock Price Is Salve

”This magazine has a strong and proud tradition of editorial independence,” he said. ”I don’t know how a buyout will be structured, but I am convinced we will remain independent.” Some Concern ”The ultimate outcome of this kind of war for a company’s assets is the destruction of the company,” Mr. [Henry Muller] said. ”The very prospect of that shocks me.” Employees Gloomy ”[Jason McManus] kept saying that none of us was in it for the money,” said another journalist. ”He said we were here because we cared about what we produced. Now there is a feeling in the halls that the people at the top are just going to line their pockets. The conversation is that a hostile raid serves them right. People don’t think there is much difference between Warner and Paramount.”
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SCARDINO, ALBERT

Full text: [New York Times] Jun 8, 1989

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COMPANY NEWS; Lin Shares Soar $26; Higher Bid Anticipated

”As an equity investor in Lin for some two years, we have become increasingly knowledgeable about its management capabilities and its market position,” Craig O. McCaw, McCaw’s chairman and chief executive, said in a statement. ”Given the regional geographic and operational nature of the cellular business, the logic of combining our two companies is compelling,” he said. ”For that reason, we are willing to offer the highest price per pop in the history of our industry.” Whether [Lin] is ultimately acquired by McCaw, which is based in Kirkland, Wash., or by another buyer, the bid appears to have established a new benchmark for the telecommunications industry, said Kenneth Leon, an analyst with Bear, Stearns & Company. ”The stock market had valued the whole industry below what the McCaw-Lin deal is worth,” he said.
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LAWRENCE M. FISHER, Special to The New York Times

Full text: [New York Times] Jun 8, 1989

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Stock-Buying Frenzy Over 3 Media Firms

Three of the nation’s best-known communications companies were thrust into the center of a Wall Street feeding frenzy yesterday as traders stocked up on millions of shares of Time Inc., Warner Communications and Paramount Communications Inc. in hopes of cashing in on what could be a free-for-all race to build a global communications giant. The ball started rolling Tuesday night when Martin Davis, Paramount’s chief executive, launched a surprise $175-a-share, all-cash bid for Time Inc. Time officials would not comment on their next move beyond the firm’s statement Tuesday that its board will consider the offer. But speculation that Time would launch an offensive bid against Paramount — the so-called “Pac-Man” defense — or use its $5-billion war chest to buy Warner, pushed the shares of the three companies up in very heavy trading. (excerpt)
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Dutt, Jill
Sanger, Elizabeth
Selvin, Barbara W.

Full text: [Newsday] Jun 08, 1989

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FINANCIAL MARKETS Dow Gains 16; Interest Rates, Big Bids Cited

Stock prices rebounded in slow trading on the Tokyo Stock Exchange Wednesday after four losing sessions shadowed by the turmoil in China. The Nikkei 225-share average gained 174.88 points to close at 33,626.89 yen. The Financial Times 100-share index gained for the second straight day after five days of losses prompted mainly by fears that sterling’s weakness would force another rise in British interest rates. The 100-share index closed 10.5 points higher at 2,117.9. Commodities Copper futures prices rose sharply on New York’s Commodity Exchange on speculation that labor contract negotiations at major U.S. copper producers will be accompanied by strikes. [John O'Connell] said the rise in copper prices also could be attributed partly to a comeback from a selloff spurred by the turmoil in China. The nation is a big copper importer and traders reacted to the upheaval there with a big selloff Tuesday due to speculation the troubles would disrupt commerce and industry there. Credit Bond prices staged another broad advance, pushing interest rates lower amid optimism that U.S. interest rates have peaked.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Jun 8, 1989

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Singapore Girl Jilted: Brokers Flee SIA After Disappointing

Compared with other international carriers, Singapore International Airlines (SIA) suffers from one of the worst share ratings, even though it probably has the strongest balance sheet and highest quality earnings. SIA posted a 64% growth in net profit to S$985 million (US$504 million) in the year ending in March 31, 1989, which was slightly below market forecasts. The stock market’s response was to reduce the price of SIA shares on the local (as against the foreign-owned) registry. SIA local stock now trades at 8.6 times historic earnings, compared with the Singapore market’s average 23 times rating. Its poor rating is attributed to the stock being an international rather than a purely Singapore play, making the shares graded by the criteria of international airlines. Still, SIA posted a pretax profit larger than British Airways.
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Marchand, Christopher

Full text: [Far Eastern Economic Review] Jun 8, 1989

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McCaw Offer for LIN Buoys Cellular Stocks

McCaw Cellular Communications Inc’s $6-billion bid for LIN Broadcasting Corp, considered the “blue chip” of the cellular phone business, sends the stock prices of other cellular phone companies soaring amid expectations that counter-bids will be made.
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Winter, Christine

Full text: [Chicago Tribune] Jun 8, 1989

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McCaw offer for LIN buoys cellular stocks

Stock prices on cellular companies soared Wednesday in response to the $5.85 billion bid for LIN Broadcasting Corp. by McCaw Cellular Communications Inc. Wall Street analysts were waiting to see if any of the Bell companies, all major players in the cellular phone business, and capable of financing such a deal, would jump into the bidding. Others have speculated that Chicago-based Centel Corp. might also be interested in New York-based LIN. But the LIN transaction so far exceeded analyst estimates of the worth of its cellular properties that the bid led to a wholesale reassessment upwards of the stock of other cellular companies.
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Christine Winter.

Full text: [Chicago Tribune (pre-1997 Fulltext)] Jun 8, 1989

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Communications takeover derby paces stock gain

Stock prices gained ground for the second straight day Wednesday in a hectic session energized by two enormous takeover bids in the communications industry. The Dow Jones average of 30 industrials climbed 16.00, to 2512.32, on top of Tuesday’s 15.62-point rise. Advancing issues outnumbered decliners by about 9 to 5 on the New York Stock Exchange, as volume swelled to 213.71 million shares from 187.57 million Tuesday. “It’s hard not to be bullish,” said Travelers Investment Management senior trader Susan Del Signore. “There’s good action in several stocks.” The bond market also showed strength, with prices generally rising.
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Chicago Tribune wires.

Full text: [Chicago Tribune (pre-1997 Fulltext)] Jun 8, 1989

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Time Inc. stock price soars on takeover bid

Time jumped $44 to $170 a share in consolidated New York Stock Exchange trading. After a delayed opening, Warner rose $1.75 to close at $53.50 a share and Paramount rose 75 cents to $54.75 a share. Warner, Paramount and Time, in that order, were the three most actively-traded issues on the NYSE. Other options include the appearance of yet another party, an agreement to sell some Time assets to Paramount in exchange for dropping the bid or Time’s exercise of any of several takeover defenses. The defenses include a “poison pill” that would make stock available to its shareholders at a bargain rate, making a hostile takeover more expensive.
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Full text: [Chicago Sun - Times] Jun 8, 1989

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Stock, Bond Prices Show Slight Rise — Markets Await Data On Producer Prices; Dollar Trades Mixed

Stock and bond prices inched higher and the dollar was mixed ahead of an important inflation barometer to be released this morning. The Dow Jones Industrial Average gained 4.59 to 2516.91 in heavy trading. The industrial average closed less than a point from its post-crash high, set last Friday. Long-term bond prices were up a quarter of a point, or $2.50 for each $1,000 of face amount. The dollar rose against the yen but was slightly lower against the mark. Analysts said the stock-market action reflected a considerable cooling of the takeover fever that triggered a burst of speculative trading Wednesday. With stock prices on the verge of setting another post-crash high, takeover targets aren’t as easily identified as they were several months ago when prices were much lower.
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By Douglas R. Sease

Full text: [Wall Street Journal] Jun 9, 1989

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Di Giorgio Directors Are Told of Proposal To Acquire Company

Investor Arthur M. Goldberg told Di Giorgio Corp. directors he would like to buy the San Francisco food wholesaler and building-products maker for $30 a share. Disclosure of his proposal boosted Di Giorgio’s stock price $3, and the shares closed at $30.75 in composite trading on the New York Stock Exchange yesterday.
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Full text: [Wall Street Journal] Jun 9, 1989

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