Kollmorgen Gives in to Vernitron

After a tumultuous, one-sided courtship of 4 1/2 months, Kollmorgen Corp. yesterday agreed to step up to the corporate altar with its once-spurned suitor, Deer Park-based Vernitron Corp. Kollmorgen, the Stamford, Conn., technology company that had rejected numerous overtures from Vernitron, accepted an all-cash $25-a-share offer that amounts to $320.3 million. Vernitron’s initial offer in December was $208 million. Kollmorgen’s decision followed a weekend evaluation of bids that had been submitted by various suitors since the company put itself up for sale last month. (excerpt)
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Wax, Alan J.

Full text: [Newsday] May 02, 1989

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Valley Federal’s Stockholders Upset at Stock Price, Earnings

Citadel Holding Corp., the Glendale parent of Fidelity Federal Savings & Loan, has been talking with Valley Federal about a merger and has been reviewing the S&L’s books for the past several months. But at the annual meeting, Valley Federal President Dan E. Nelms reiterated that Citadel still has not made a firm offer to buy the thrift. Meanwhile, Valley Federal’s stockholders are losing patience with the thrift’s sagging stock price. One investor came prepared to show Nelms that Valley Federal could raise a sizable amount of cash by selling some or all of its 45 branches. The stockholder first asked Nelms how much a branch office would fetch and was told it often is calculated as a percentage of the branch’s deposits. (Valley Federal’s deposits total $2.5 billion.) The question of what Citadel might do continues to shadow Valley Federal. In a telephone interview, Samuel C. McCarver, Citadel’s chief operating officer, said “the situation is still alive with Valley Federal, and we’re still studying it.” But he said Citadel is reluctant to make a bid until it knows the outcome of President Bush’s plan to require S&Ls to increase their capital, or net worth, as part of the administration’s effort to bolster the ailing S&L industry.
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JAMES F. PELTZ

Full text: [Los Angeles Times (pre-1997 Fulltext)] May 2, 1989

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INDEXES DON’T SEEM TO MIRROR CHANGING PROSPECTS

Such uncertainties may be bad news for compulsive ticker watchers, who shell out big bucks for investment advice on why the Dow is bound to falter if the yen touches 112 or Wendy’s gets the catering franchise for the Red Army. Unfortunately, the stock market never took Econ 101. Stocks took a nose dive in the inflationary years of the 1970s. The ratio of stock prices to earnings, the best single measure of market optimism, fell by 60 percent. Richard Cooper, a Harvard economist, pointed to the unusual origins of the 1970s inflation, the oil shock and the subsequent push for higher wages, which made this particular inflation a threat to corporate earnings.
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PETER PASSELL

Full text: [Journal Record] May 2, 1989

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The FW 1000: The Most Valuable U.S.-Traded Companies Ranked

This year’s Financial World (FW) 1,000 includes US companies as well as foreign companies whose American Depositary Receipts trade on the New York Stock Exchange or the American Stock Exchange. Companies that have had less than 80% of their stock successfully tendered also are included. Consequently, companies that have been taken over, such as RJR Nabisco, are not on the list. The 1988 list included 6 portfolios of 25 stocks each. These 6 portfolios went up an average of 12.8%, while the overall market rose 7.8%. This year, the number one position in the overall FW 1,000 is held by IBM Corp. Kroger Properties leads the list as the highest yielding portfolio, while Bethlehem Steel ranks among the cheapest. The list of turnaround candidates includes Honeywell, while First Interstate Bancorp is the fastest growing. Jefferson Smurfit is at the top of the most profitable list, and Navistar International is considered a good takeover candidate.
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Ozanian, Michael K.
Ourusoff, Alexandra

Full text: [Financial World] May 2, 1989

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The FW 1000: The Most Valuable U.S.-Traded Companies Ranked by Market Capitalization

This year’s Financial World (FW) 1,000 includes US companies as well as foreign companies whose American Depositary Receipts trade on the New York Stock Exchange or the American Stock Exchange. Companies that have had less than 80% of their stock successfully tendered also are included. Consequently, companies that have been taken over, such as RJR Nabisco, are not on the list. The 1988 list included 6 portfolios of 25 stocks each. These 6 portfolios went up an average of 12.8%, while the overall market rose 7.8%. This year, the number one position in the overall FW 1,000 is held by IBM Corp. Kroger Properties leads the list as the highest yielding portfolio, while Bethlehem Steel ranks among the cheapest. The list of turnaround candidates includes Honeywell, while First Interstate Bancorp is the fastest growing. Jefferson Smurfit is at the top of the most profitable list, and Navistar International is considered a good takeover candidate.
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Ozanian, Michael K.
Ourusoff, Alexandra

Full text: [Financial World] May 2, 1989

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Report of robust economic growth rattles stocks

Stock prices declined across a broad front Monday as investors, unsettled by a new report suggesting a robust economy in April, sold shares on renewed fears of higher interest rates. Wall Street traders said the day’s selling was touched off by a survey of purchasing managers that showed the economy rebounded in April, growing much faster than in March due to a sharp rise in exports. “Volume on (Monday’s) selling is light and a correction is good for the market,” said Ned Collins, senior trader at Daiwa Securities America Inc.
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Chicago Tribune wires.

Full text: [Chicago Tribune (pre-1997 Fulltext)] May 2, 1989

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Pickens urges scrapping of takeover bill

Amarillo oilman and financier T. Boone Pickens, urged the Texas House Business and Commerce Committee on Monday to scrap an anti-takeover bill, calling it “anti-shareholder legislation.” Pickens said the bill would allow corporate managements to become entrenched, no matter how poorly their company performed. The takeover wars of the 1980s, Pickens said, have been part of the restructuring of corporate America, which has made American business more competitive. Seha Tinic, a University of Texas at Austin finance professor, also spoke against the bill. Hostile takeover attempts have benefitted shareholders of target companies, Tinic said, while corporate moves to change their bylaws to limit takeovers have hurt stock prices.
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Kirk Ladendorf

Full text: [Austin American Statesman] May 2, 1989

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Tokyo Shares Continue Streak of Record Highs, But Prices Slip Back in London and Frankfurt —- A Wall Street Journal News Roundup

Share prices rose Tuesday to yet another record in Tokyo, but slipped in London and Frankfurt. Individual Tokyo stock investors, having fully discounted a possible discount rate increase by the Bank of Japan, prepared for an anticipated jump in share prices after the “Golden Week” holidays, buying ahead of the market and pushing the Nikkei index to a record close for the fifth consecutive session. The Tokyo stock price index of all issues listed in the first section rose 14.23 points to close at 2517.49. First section volume was estimated at 1.2 billion shares, up from 920.6 million shares Monday.
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Full text: [Wall Street Journal] May 3, 1989

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Intervention Fails to Stop Dollar’s Rise — Bond Prices End Day With Modest Gains, But Stocks Fall Back

Concerted central bank intervention forced the dollar slightly lower through much of the day, but traders bid it slightly higher late in the day. Long-term bond prices rose, but stock prices retreated after a morning rally. The Dow Jones Industrial Average ended at 2402.86, off 12.10 in moderate trading. The dollar surged Monday after a survey of U.S. purchasing managers showed that the economy continued to grow at a strong clip in April. Modest intervention Monday by the Federal Reserve and the Bank of Japan failed to halt the dollar’s rise. Only after European traders returned to work yesterday following the May Day holiday was intervention able to stifle the dollar’s climb for a sustained period. But even that effort to keep the lid on the currency finally failed, and the dollar reached its highest levels so far this year.
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By Douglas R. Sease

Full text: [Wall Street Journal] May 3, 1989

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Dollar’s Rise Is the Safest Route

A higher dollar now will have four distinct advantages. First, it will have both a direct and indirect impact on inflation. Directly, a higher dollar lowers the prices of imports; indirectly, a higher dollar discourages domestic producers from raising their prices. Second, a higher dollar will encourage foreigners to continue to hold U.S. assets, easing the pressure on interest rates and stock prices. Third, a stronger dollar will probably take the pressure off the Federal Reserve and mitigate any sharp rise in interest rates. And finally, other industrial countries may be forced to tighten their own monetary policies to stem the decline of their currencies, actions that would damp global inflationary pressures and slow consumption enough to avert major financial pressures down the road.
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By Hani K. Findakly

Full text: [Wall Street Journal] May 3, 1989

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Anxiety About Pursuit of Ogilvy Hurts WPP’s Shares in London

WPP Group PLC’s shares plunged 11.7% to 604 pence ($10.26) early yesterday on London’s Stock Exchange, amid widespread anxiety about the British advertising group’s proposal to acquire Ogilvy Group for $700 million. The stock later rebounded somewhat to 630 pence, down 54 pence or 7.9%, during the first trading session after a three-day holiday weekend. If completed, the takeover proposed by Mr. Sorrell, WPP’s acquisitive chief executive officer, would create a giant advertising holding company vying with London-based Saatchi & Saatchi Co. as the world’s largest. Ogilvy, which is nearly as large as WPP, has made clear it wants to remain independent. The partial recovery in WPP’s stock price came as industry sources suggested the acquisition would be 59%-financed by debt and 41% by an issue of convertible preferred shares. Under that financing structure, WPP’s proposal to pay $45 a share for Ogilvy wouldn’t dilute the British company’s primary per-share earnings. But the possible effect on fully diluted per-share earnings can’t be determined until precise conversion terms are known. And London analysts expect WPP would have to pay between $50 and $60 a share to win Ogilvy.
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By Barbara Toman

Full text: [Wall Street Journal] May 3, 1989

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Agency Ogre: How a Briton Became The Most Feared Man On Madison Avenue — Martin Sorrell of WPP Group, Seeking to Acquire Ogilvy, Presses Pursuit of Profits — Retreat of the Creative Types

All of them dread Mr. Sorrell because he is almost single-handedly changing the ad business. He launched the first successful hostile takeover of an ad agency. He presided over one of the most bitter ad-agency breakaway battles in the annals of advertising history. Now he is pursuing one of the oldest and grandest names in the business, Ogilvy Group Inc., parent of venerable Ogilvy & Mather, the ad agency founded by Mr. Ogilvy in 1948. But the ad business was abruptly wrenched in the 1980s by Saatchi & Saatchi Co., which a half-dozen years ago began a buying binge that made Saatchi the world’s largest ad concern. Saatchi, where Mr. Sorrell once was chief financial officer, trumpeted the gospel of global marketing, proclaiming that since clients are increasingly international, so must agencies be. It used a strong stock price to raise money for acquisitions, and it leveraged off of those acquisitions to make more acquisitions. Mr. Sorrell rarely stops working, and colleagues and clients know his phone calls may come at any hour, day or night. Steve Florio, president and chief executive of New Yorker Co., recalls that the day after his magazine decided to leave WPP’s Lord, Geller, Federico Einstein ad agency unit last year, Mr. Sorrell woke the magazine’s associate publisher at 6 a.m. to demand Mr. Florio’s private number. Hours later, Mr. Sorrell showed up at Mr. Florio’s office and, oblivious to two workmen tearing down one of the office walls, made a passionate pitch to keep the business. Although he was ultimately unsuccessful, he sent Mr. Florio a personal Christmas card this year. Says Mr. Florio, “I thought, you know, this guy’s got some class.”
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By Joanne Lipman

Full text: [Wall Street Journal] May 3, 1989

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Merger mania may be ready to resume raging

- Foreign buyers seem as eager as ever to bid for U.S. firms – as Australia’s Qintex, Britain’s WPP Group and Canada’s International Thomson have shown in recent weeks. Interest rates are still too high for many LBOs, says Mikael Salovaara, partner in Goldman, Sachs & Co.’s leveraged finance group. “Until rates and/or stock prices move lower, LBOs ought to be fewer and farther apart,” he says. That offering will relieve the anxieties of many junk-bond investors, who’ve been afraid to commit money to other deals because of worries that the big RJR sale would depress junk-bond prices across the board. Such bonds still are a major source of takeover financing.
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Daniel Kadlec

Full text: [USA TODAY (pre-1997 Fulltext)] May 3, 1989

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Stocks continue going down as Dow loses 12.10 points

Stock prices retreated Tuesday as investor concern continued over the course of the economy and whether the Federal Reserve Board will tighten interest rates. The Dow Jones industrial average fell 12.10 to 2,402.86 after profit-taking eroded early gains. “Some late program trading and asset allocation from equities to fixed-income securities ended a lackluster day on the downside,” said James Kalil Sr., president of Compu-Val Investments Inc. in Wilmington, Del. “The market should continue to be choppy but ultimately achieve new highs since economic fundamentals have not changed.”
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Phillip H. Wiggins

Full text: [Star Tribune] May 3, 1989

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Central Banking’s Stock Hammered

Central Banking System’s stock price plummeted 38 percent after Security Pacific backed out of a bid to buy the Walnut Creek CA-based banking company.
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Howe, Kenneth

Full text: [San Francisco Chronicle] May 3, 1989

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Stocks Lose Ground as Dow Falls by 12.10

”Some late program trading and asset allocation from equities to fixed-income securities ended a lackluster day on the downside,” said James Kalil Sr., president of Compu-val Investments Inc. in Wilmington, Del. ”The market should continue to be choppy but ultimately achieve new highs since economic fundamentals have not changed.”
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WIGGINS, PHILLIP H.

Full text: [New York Times] May 3, 1989

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Dow dips 12 points

The Dow Jones average of 30 industrials fell 12.10 to 2,402.86, but most of the plunge was attributed to a 3 1/4-point drop in the stock of Eastman Kodak, one of the average’s components. Kodak closed at 43 7/8 after announcing a disappointing drop in its first-quarter earnings. [Alfred E. Goldman] said many traders stayed out of the market, preferring to see what Friday’s Labor Department report on April employment would hold. If the report indicates a surging economy, fears of continued interest rate hikes could send stock prices lower.
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JOYCE M. ROSENBERG

Full text: [Houston Chronicle (pre-1997 Fulltext)] May 3, 1989

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The Chemical Week 300 Wraps Up Another Record Year

The chemical process industries (CPI) continued to make record earnings in 1988, and, for the most part, were able to pass on higher raw material costs to customers. But profit margins from some specialty chemical companies declined because of escalating raw material costs. Many industries, such as pulp and paper and nonferrous metals, operated at near capacity. Aggregate earnings for all CPI companies soared 50% over 1987′s report on a 9% increase in sales. Segments outdistancing CPI earnings growth include: 1. soaps and synthetic detergent, up 160%, 2. nonferrous metals, up 130%, and 3. petroleum and natural gas processors, up 111%. Georgia Gulf and Aristech Chemical both surpassed the $1-billion mark in sales in 1988. Union Carbide achieved the largest percentage gain in net income, up 185% to $662 million. W.R. Grace overtook PPG Industries to become number 4 in sales. Pharmaceutical companies saw composite profits advance 50% and sales rise 12%.
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Kiesche, Elizabeth S.

Full text: [Chemical Week] May 3, 1989

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Sizeler Property Investors Inc. Adopts Shareholder Rights Plan; Declares Dividend Distribution

The board of directors of Sizeler Property Investors Inc. (NYSE:SIZ), at a regularly scheduled meeting held Friday, adopted a Shareholder Rights Plan. The board also declared a dividend distribution pursuant to the plan of one right for each outstanding share of common stock, to all shareholders of record on May 19. Each right entitles the holder to buy one share of common stock of Sizeler at a purchase price of $60. This purchase price may be adjusted from time to time to avoid dilution. The rights become exercisable after a person or group acquires 20 percent or more of the common stock of Sizeler, an announcement is made that a person or group is making a tender offer which would result in that person or group owning 30 percent or more of the outstanding shares, or at least 15 percent of the shares are acquired by a person or group whom the board of directors determines has taken or is likely to take action which would have an adverse impact on the interests of the shareholders. (excerpt)
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Lassen, Sidney W.

Full text: [Business Wire] May 03, 1989

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UNC Scraps Mining, Hits Lode of Diversity

UNC Resources, an Annapolis conglomerate, has changed its operations drastically in the past five years, selling its uranium mines and expanding into new businesses such as aircraft repair and pollution cleanup. The strategy launched by UNC Chief Executive Officer Dan A. Colussy who took the reins in 1985 after three years of losses, thus far appears to be working. Last year the company reported its fourth consecutive annual earnings increase, with the bulk of its profits coming from its aerospace and aviation division, which operates plants mainly on the East Coast and in the Midwest. (excerpt)
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Goldstein, Stephen

Full text: [Washington Times] May 04, 1989

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