NCNB Corp.’s offer to exchange 1.075 shares for each C&S Corp. share isn’t generous enough to warrant support by the takeover target’s institutional shareholders. The stock swap, valued at $39 a share when announced March 30, is widely regarded as a starting point for negotiations-not a final offer. Tom Medcalf, a portfolio manager for Minneapolis-based IDS Mutual Inc., said that “sitting here in Minneapolis, playing with my pencil, I can quickly see NCNB’s ability to pay $45″ a share. “I think that C&S management has to listen seriously to the offer, but on an acquisition basis, the stock is worth more than $39.” (excerpt)
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Cranford, Steve

Full text: [The Business Journal] Apr 10, 1989

Strong increases in net income and sales and a healthy balance sheet are raising the hopes and the stock price of Portland-based Oregon Steel Mills Inc. Add a pipeline snaking its way across the west and potential labor problems at eastern steel mills and it’s easy to see why analysts are effusive about the local maker of specialty steel that went public last April. “Management has been excellent,” said Scott Conyers, an analyst with Portland’s Charter Investment Group. “They run things efficiently and have positioned themselves well in the market.” (excerpt)
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Gauntt, Tom

Full text: [The Business Journal] Apr 10, 1989

Voit Corp.’s stock shot up 68.5 percent in the first quarter of this year, with much of the increase coming in the last month. The gains in the stock, which trades over the counter, reflect dramatically improved earnings on operations for the Fairport exercise equipment manufacturer. The company last year reported earnings on operations of 38 cents per share, compared with 1 cent per share in 1987. As a result, the stock’s price shot up, from $2.38 a share at the beginning of March, when the company announced its year-end earnings, to $3.37 a share at the end of the month. (excerpt)
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Whiskeyman, Dolores

Full text: [Rochester Business Journal] Apr 10, 1989

”People come from abroad and say, ‘What is your morning price or your afternoon price?’ ” said Luo Zhenzhong, a manager of the stock market in the northeastern city of Shenyang. ”But our prices don’t change for a month at a time, and when they change they only go up.” ”People under the age of 50 don’t understand stocks,” Mr. [Huang Guixian] said. ”We heard all the news about Black Monday in America, when stock prices plunged, and about an investor who was so upset that he shot his broker. But the good aspects of the stock system aren’t reported. And so some people are suspicious.” ”It’s O.K. to issue locally, because people here don’t really know what stocks are,” he said. ”But to sell abroad, with all those regulations and daily fluctuations, we’d have to make things perfect.”
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NICHOLAS D. KRISTOF, Special to the New York Times

Full text: [New York Times] Apr 10, 1989

The first quarter of 1989 ended with one trend certain among Detroit-area stocks: investors are worried about the auto industry. Stock prices of the Big Three automakers-General Motors Corp., Ford Motor Co. and Chrysler Corp.-all closed lower on March 31 than on Dec. 30, 1988. An analyst blamed the price declines on lower car sales, burgeoning inventories, and a general fear about the national economy. “Until there is a feeling the economy is going to do better, these stocks may not have a lot of ‘up-ride’ near term,” said Douglas Laughlin, an automotive analyst with New York City investment firm Bear Stearns & Co. (excerpt)
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Lindstrom, John

Full text: [Crain's Detroit Business] Apr 10, 1989

The end of independence appears to be coming quickly for Carson Pirie Scott & Co. That’s the consensus of virtually every analyst and close observer here and on Wall Street, now that Milwaukee-based P. A. Bergner & Co. put the 134-year-old retailer into play last week with a $282-million or $2O-a-share takeover bid. The only question appears to be how high above $20 the price will go. “The whole thing will be over in a few months,” predicted one local acquisitions specialist who has made prescient judgment calls in several past takeover situations. “Whether it’s Bergner or someone else, it’s a done deal.” (excerpt)
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Waldstein, Peter D.

Full text: [Crain's Chicago Business] Apr 10, 1989

Even under pressure, Tribune Co. management is sitting pretty. Despite signs that a hostile suitor-possibly Texas-based Robert W. Bass Group-has taken a position in the Chicago media conglomerate, Tribune Co. is loaded with artillery that would make a hostile takeover of the company highly unlikely. A formidable chunk of its stock is closely held: 40% is in friendly hands after last week’s issuance of new preferred shares to an employee stock ownership plan (ESOP). Its moderate debt load gives it the ability to borrow money for a stock buyback, recapitalization or management buyout. (excerpt)
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O’Dea, Christopher R.

Full text: [Crain's Chicago Business] Apr 10, 1989

Unlike the leveraged buyout of RJR Nabisco Inc., Philip Morris Inc.’s $129-billion acquisition of Kraft Inc. in October 1988 went smoothly. The unsung hero of the deal is Hans G. Storr, Philip Morris’ chief financial officer (CFO). Storr is one of the top 4 decision makers at Philip Morris, and he is highly ranked among CFOs. In that role, Storr is best known as a deft forecaster of currency fluctuations. In late 1984, assuming that the US trade deficit would soon undermine the dollar, he began shifting $2 billion into foreign currencies. Watching them rise for the next 3 years made $400 million for Philip Morris. According to Storr, all any CFO can do is to form an opinion on the major trends, monitor their currency risk closely, and diversify. Storr’s greatest challenge now is to make sure that Philip Morris’ shareholders benefit from acquiring Kraft. He should be able to pay down the $9.6 billion in Kraft debt in only 4 years because of Philip Morris’ stream of rich and certain cash flow.
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Nathans, Leah J.

Full text: [Business Week] Apr 10, 1989

The February 1989 producer price index showed a 1% gain, which translates into a devastating 12.7% annual inflation rate. Investors can find explanations for both inflation and recession by what is happening in the stock market itself. Many investors read the sharp fall in computer stocks as proof that the economy is sagging. If oil and computer stocks are sending crossed signals about inflation and recession, the message of a diminished chance for a soft landing is being clearly heard. However, the Federal Reserve Board sees no reason to loosen monetary policy just yet. To some on Wall Street, this means that a recession is almost a certainty. Although investors are cool toward US stocks right now, the Dow Jones industrial average, at 2282, is generally expected to remain above 2100. Laszlo Birinyi of Birinyi Associates says the current weakness is merely the market consolidating after a 13.6% rise since the middle of November 1988. However, with the economy struggling with high interest rates and a business slowdown, this time the fears may be justified.
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Laderman, Jeffrey M.

Full text: [Business Week] Apr 10, 1989

A prominent Southeastern Kentucky family that controls four banks in the commonwealth now is the second-largest stockholder in Regional Federal Bancorp Inc. of New Albany. Ward Correll of Somerset, Ky., and his relatives have acquired 38,300 shares, at an average price of $11.71 each, of Regional Federal Savings Bank’s parent company, according to documents filed with the Securities and Exchange Commission. The acquisitions, which account for 5.04 percent of the Southern Indiana thrift’s outstanding shares, were made through two family owned companies, Cumberland Lake Shell and Lancaster Life Reinsurance Co. (excerpt)
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Kamuf, Rachael

Full text: [Business First] Apr 10, 1989