Biotech Pioneer Charts Return to Profit in ’91

Genex Corp., the Gaithersburg biotech firm that was once the darling of Wall Street investors, is about 18 months away from ending a seven-year losing streak that dropped its stock price from the high teens to 41 cents a share, company officials say. “As the company continues to expand, particularly in the bioseparations business, the market will recognize that, and the stock price will act accordingly” said Doug Whelan, chief financial officer after the company’s annual meeting last week. “We don’t see the likelihood — especially since 1989 is half over — of anything happening that would prevent us from continuing our plans,” Gary E. Frashier, Genex president, told about 100 shareholders. (excerpt)
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Cooper, Stephen K.

Full text: [Washington Times] Jun 20, 1989

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Biotech Pioneer Charts Return to Profit in ’91

Genex Corp, a Gaithersburg MD biotech firm, is about 18 months away from ending a seven-year losing streak that dropped its stock price from the high teens to 41 cents a share.
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Cooper, Stephen K

Full text: [Washington Times] Jun 20, 1989

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New Securities Issues The following were among

Biogen Inc. — 2.4 million convertible exchangable preferred shares priced at $25 each with a $2.125 dividend, for a dividend yield of 8.50%. The preferred shares are convertible into common at $15.25 each, representing a 24.49% conversion premium over yesterday’s closing stock price. At any dividend date beginning June 15, 1991, the company can exchange the preferred for convertible subordinated debentures due 2014. Rated single-B-3 by Moody’s Investors Service Inc. and triple-C by Standard & Poor’s Corp., the issue will be sold through underwriters led by Shearson Lehman Hutton Inc. Municipal Electric Authority of Georgia — $92.4 million of power revenue bonds, Series S, due 1991-2002, 2009 and 2025, tentatively priced by a First Boston Corp. group to yield from 6.40% in 1991 to 7.25% in 2009. Serial bonds are priced at par to yield from 6.40% in 1991 to 7% in 2001 and 2002. There are $14.9 million of 7 1/4% bonds at par due in 2009 and $64.1 million of 6% original issue discount term bonds due in 2025, priced to yield 7%. The underwriter expects ratings of single-A/double-A-minus.
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Full text: [Wall Street Journal] Jun 20, 1989

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Chrysler LBO Is Recommended by Analyst Despite the Cyclical Nature of Its Operations

Charles J. Brady, the auto specialist at Oppenheimer & Co., is making the highly controversial argument that Chrysler is a likely candidate for a debt-financed buy-out. “We are sure Chrysler management must be at least exploring the possibilities of a management-led buy-out” of public shareholders, he told clients recently in recommending the stock. Mr. Brady asserts that Chrysler’s stock price, at 25 yesterday, is simply “too compelling not to attract outside interest.” And the fear of such an approach, he argues, is likely to spur an insider group — including Chairman Lee A. Iacocca — to borrow $13 billion to $14 billion, pay off the company’s debt and dole out $40 to $45 a share. Chrysler’s assets, Mr. Brady says, would support more than enough debt to acquire the company, though he concedes that some of those assets couldn’t be easily sold. Its cash flow, after deducting capital expenditures, figures to be about $2 billion a year, he says. Thus, even with an interest rate of 15%, Chrysler could service its LBO debt without selling any of its assets. And Mr. Brady says the company could use its cash and marketable securities to pare down its debt.
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By Roger Lowenstein

Full text: [Wall Street Journal] Jun 20, 1989

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About NWA

Hdqrts: Eagan, Minn. Chrmn: Steven Rothmeier ’88 operating revs: $5.7B ’88 net income: $135M ’88 EPS: $4.63 1st Q ’89: Operating revs.: $1.5B Net income: $12.6M Stock price, change: Fri.: $107 5/8, up 1/8 Mon.: $114, up 6 3/8 Yr. ago: $43 1/8 Employees: 35,532 Aircraft: 321 Hubs/market share: Minneap./St.
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Full text: [USA TODAY (pre-1997 Fulltext)] Jun 20, 1989

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Time stock falls as media giant moves fast with Warner offer

Paramount has vowed to press forward with a court case that will argue that Time and Warner have done an ”end run” around stockholders by preventing any general share vote on the merger. It may have allies in the form of disgruntled Time stockholders. By avoiding Paramount’s $175-a- share offer, Time has weakened its stock price and invited grousing from holders hoping for a quick payoff.
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Full text: [The Globe and Mail] Jun 20, 1989

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Stock prices drift in quiet trading session

In New York, the stock market settled for a mixed showing in a subdued atmosphere following Friday’s “triple witching hour.” Trading set its slowest pace in more than two months. The Dow Jones average of 30 industrials dropped 6.49 to 2479.89, while some other prominent market indicators eked out small gains. NWA climbed $6.50 to $114.12 after a delayed opening. An investor group led by Alfred Checchi of Los Angeles announced an agreement to acquire NWA for $121 a share, apparently ending a bidding war. Time Inc. fell $5.62 to $156.87, while Warner Communications rose 37 cents to $59.62 as the most active NYSE issue. On Friday Time began a $70-a-share offer for Warner after Paramount Communications disrupted plans for a Time-Warner merger with a hostile bid for Time.
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Full text: [The Gazette] Jun 20, 1989

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Lotus’ new spreadsheet finally ready to unveil

Lotus said in February 1988 that Release 3 would not be ready until late in the second quarter of 1988. A month later, the target date was pushed back to the fourth quarter. Then, in October, the company announced a further delay, until the second quarter of 1989. With its repeated failure to meet its deadlines, Lotus’ earnings and stock price plunged, and its competitors picked up market share. [Jim Manzi], a 37-year-old former management consultant who had taken over from Lotus founder Mitch Kapor in 1986, was stung by intensely personal negative publicity. Charles Digate, the executive in charge of spreadsheets, resigned. At Lotus’ annual meeting today, Manzi is expected to hold up a shrink-wrapped package of the new software and proclaim a great, if late, victory.
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Full text: [Star Tribune] Jun 20, 1989

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LIN Urges Shareholders to Reject McCaw Offer

LIN Broadcasting Corp.’s board of directors today urged shareholders to reject an offer from Kirkland-base McCaw Cellular Communications Inc. to buy the company for $120 per share. LIN’s board said the offer was “inadequate.” The stock market seemed to agree somewhat. LIN’s stock soared 25 percent — from $103.50 per share to more than $130 per share — immediately after McCaw announced its offer, two weeks ago. Since then, LIN’s stock has fallen slightly. In over-the-counter trading this morning, the stock was at $124.375 per share, still above the offer price. (excerpt)
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Healy, Tim

Full text: [Seattle Times] Jun 20, 1989

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THE MEDIA BUSINESS; Time Falls By $5.625, To $156.875

John L. Bauer, a media analyst at Kidder, Peabody & Company, said: ”The market’s telling you people don’t think the merger will go through. The deal is so utterly bad that there are arbitragers betting that it won’t go through.” ”Under the business-judgment rule, I don’t see why Time can’t do what it set out to do originally, which is to acquire Warner. All Paramount is trying to do is form the same kind of company Time is trying to create with Warner.” Documents filed with the Securities and Exchange Commission with the report of its $14 billion tender offer say that while Time’s board ”currently believes” that the Warner deal is best, it has preserved its options. It said it kept the options open ”in the event it determines that the merger cannot be consummated or cannot be consummated on the terms” as proposed.
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COLE, ROBERT J.

Full text: [New York Times] Jun 20, 1989

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COMPANY NEWS; Hilton Stock Rises On Speculation

LEAD: Stock of the Hilton Hotel Corporation climbed sharply on continued speculation about the possible acquisition of the company. ”The rumors continue to persist that this company is about to be made an offer,” said Marvin Roffman, an analyst at Janney Montgomery Scott.
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Reuters

Full text: [New York Times] Jun 20, 1989

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Time Stock Continues Its Plunge

The value of Time Inc stock plunged $5.62 per share on Jun 19, 1989. The stock prices are dropping after Time announced a controversial $14 billion takeover bid of Warner Communications Inc to ward off a takeover attempt by Paramount Communications Inc. The three firms are battling in court over the proposed unions.
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Storch, Charles

Full text: [Chicago Tribune] Jun 20, 1989

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Time stock continues its plunge

Time Inc. saw its stock price plunge again Monday as the fallout continued over its controversial $14 billion takeover offer for Warner Communications Inc. As investors sold Time’s stock, speculation centered on whether the courts would buy Time’s arguments defending the Warner deal and the rejection of a $175-a-share, or $10.7 billion, offer for Time from Paramount Communications Inc. Takeover lawyers say the case probably will work its way to the Delaware Supreme Court and be decided on the issue of whether Time, in effect, put itself up for sale by agreeing last March to a tax-free exchange of stock with Warner. If Time is judged to have put itself “in play,” then a court may prevent Time from taking over Warner as a defense against a bidder such as Paramount.
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Charles Storch.

Full text: [Chicago Tribune (pre-1997 Fulltext)] Jun 20, 1989

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Society Corp. Wins Trustcorp with Bid Of $455 Million Series: 1

The deal surprised analysts, who considered Society a long shot for acquiring Trustcorp. The favorites, National City Corp., Cleveland, and Banc One Corp., Columbus, Ohio, ultimately did not submit bids for Trustcorp, spokesmen for the companies said. The spokesmen declined to elaborate why their companies decided not to bid for Trustcorp after conducting due-diligence reviews. The stock prices of Society and Trustcorp plummeted after the deal was announced. Trustcorp closed at $26, down $3.25 on the day. Society closed at $37, down $3.50. Analysts had speculated that Trustcorp would fetch about $36 a share. Society’s deal has a value of $27.75, based on Monday’s price. Trustcorp’s book value at the end of the first quarter was $22.07. Society’s deal to acquire Trustcorp is a blow to the city of Toledo, according to analysts. Trustcorp singlehandedly was responsible for the redevelopment along the Maumee River there. The analysts question whether Society will assume the civic role to the extent Trustcorp did.
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RICHARD RINGER

Full text: [American Banker (pre-1997 Fulltext)] Jun 20, 1989

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Stronger Dollar Helps Bonds Rise; Stocks Slip

Stock prices continued to languish, but bond prices rallied, partly because of a modestly stronger dollar. The Dow Jones Industrial Average lost 7.01 points to 2472.88 in moderate volume. Long-term bond prices rose nearly three-quarters of a point, or about $7.50 for each $1,000 of face amount. The dollar ended higher against most major currencies. Analysts said stock prices are being pushed down by growing concerns about persistently high inflation. Much of the stock market’s strength in recent months came as investors bet that a slowing economy would sharply reduce inflationary pressures without falling into a recession. But recent measures of inflation — the consumer and producer-price indexes, for example — aren’t showing much of a reduction and investors are becoming concerned that harsher measures may be necessary to curb inflation.
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By Douglas R. Sease

Full text: [Wall Street Journal] Jun 21, 1989

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Columbia S&L Isn’t Pursuing Plan to Go Private

BEVERLY HILLS, Calif. — Columbia Savings & Loan Association Chairman Thomas Spiegel reiterated that the company isn’t actively considering going private. Columbia was sued last week by five of its shareholders who alleged a pattern of self-dealing involving Columbia, several of its officers and directors and Drexel Burnham Lambert Inc. to depress Columbia’s stock price in anticipation of a management-led buy-out. Columbia, known for its heavy investment in junk, or high yield bonds, said the suit is without merit. Mr. Spiegel said one House amendment calling for savings and loans to liquidate their junk bond portfolios in 24 months to reduce their risk would be “a disaster” for Columbia. He said under that scenario, Columbia would have to liquidate 35% of its total portfolio, or $4 billion of junk bond securities, in 24 months, and that buyers wouldn’t pay full value to Columbia for those securities.
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By Earl C. Gottschalk Jr.

Full text: [Wall Street Journal] Jun 21, 1989

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UAL in wings as possible target;Stock takes off on NWA bid

The stock price of UAL, United Airlines’ parent, has soared $12 in the two days since Checchi’s $121-a-share offer for NWA Inc. was announced. UAL rose $5 to $133 1/2 Tuesday. UAL had no comment on the rise in the company’s stock this week. The jump in UAL stock has been fueled by speculation that NWA’s spurned suitors – which include Marvin Davis and Pan Am Corp. – may use the money they raised for NWA to go after UAL. Or someone else may come forward. UAL is the strongest takeover candidate. [Kevin Murphy] says UAL’s asset value, after subtracting debt, is $200 a share. Here’s what could make UAL attractive to a suitor:
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Doug Carroll

Full text: [USA TODAY (pre-1997 Fulltext)] Jun 21, 1989

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Stock Prices Edge Lower in Lackluster Trading

The Dow industrials dropped 7.01 points Jun 20, 1989 to close at 2472.88 in lackluster trading. Analysts say that there was no significant cause for the slip. Selected individual stock trading for the day is listed.
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Cato, Ralph

Full text: [The Washington Post] Jun 21, 1989

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Stock Prices Edge Lower In Lackluster Trading; Early Rally Fades; Dow Closes Down 7.01

The story text of this…
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Ralph Cato

Full text: [The Washington Post (pre-1997 Fulltext)] Jun 21, 1989

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Stocks slip despite hot airline issues

“The market’s just taking a breath,” said Toronto analyst Dunnery Best, of Prudential-Bache Canada. “There’s some worry that the Canadian dollar’s continued strength is going to start hurting exporters.” On the NYSE, NWA was down 37 cents at $113.75 after soaring on Monday. Pan Am, a loser in the battle for NWA, was up 25 cents at $4. AMR Corp., the parent of American Airlines, had jumped $1.50 to $63.50. United Airlines’ parent UAL Corp. surged $5.62 to $133.50 after several analysts said they believe its asset value is far higher than its current stock price.
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Full text: [The Gazette] Jun 21, 1989

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