- r '- '' 2«l - MANCHESTER HERALD. Sat.. Aug. 21, 1982 Laid off: how’s Guglielmo talks Wedding bells life after PaW? labout differences and wallpaper Icahn's takeovers: $58.5 million in . page 3 . page 7 "-/1 . page 11 stock purchases to 25 percent of AC’s shares. ; Carl Icahn, Wall Strut's hottest itioney-making • Saxon Industries, 1979; $1.9 million. • Hamihermill Paper, 1980-’81; $9.6 millidn. Icahn, though, was as welcome as the plague; he wa$ - machine, has done it again. • Simplicity Pattern, 1982; $7.3 million. viewed as a destructive force. And after leaming.of U if A group of investors headed by the 46-year-old en­ • Marshall Field & Co., 1982; $30 million. , Icahn group’s purchases of AC shares, AC cbainngn; trepreneur. one of the country’s most feared conwrate “ It’s strong-arm tactics and it stinks,” " says OTe W illiam Woodside called on Investment banket* Morglup takeover artists, has quietly concluded a deal with cor­ Dan Dorfman Showers tonight; Marshall Field Executive. “ And the sad thing is that it’s Stanley to contact Icahn to see what could be done about Manchester, Conn. porate biggie American Can ( ’81 sales; $4-8 billion) that perfectly legal.” getting him out of the picture. After being told of tii» Monday, Aug. 23, 1982 adds up to a helty 67 million profit in just about six sunny Tuesday Syndicated In-deference to Icahn, however, it should be pointed board’s stiff opposition to any tie-up with Icahn — plu£- weeks. the tough regulatory problems be would encounter iit‘ — See page 2 In brief, a worried American Can management, lear­ Columnist out that his aggressive passes at a couple of targets — Single copy 25(( any AC takeover regulatory problems he would e»>- ning that the Icahn group had acquired nearly a million notably Field’s and Tappan — subsequently led to takeovers by white knights at considerable premiums counter in any AC takeover effort because of the comil Mpralb AC shares (945,700 to be predise), worked out a hush- pany’s involvement in the insurance field — Icahn, ac£. hush agreement to acquire the block (nearly 5 percent above the going stock prices at the time. And while the Icahn group benefited, so did a lot of other stockholders cording to one Morgan Stanley source, agreed to bacl^ of the stock) for $33.1 million or about $35 a share. as well. ' off. And a deal was subsequently struck to take Uich The purchase took piace Aug. 6 with the stock then $51 a share) and where corporate insiders generally have minimal holdings. Then it will take a fair-sized Icahn group out at the $35-a-share demanded by Icahb.'^ selling at around $27 a share; thus AC paid a premium of HOWEVER, "rHE question is raised by some stock position. Once the holdings become public — or at nearly 30 percent to get Icahn out of its hair. And the observers as to the ethics of buying out an unwanted, I W O lll.D LIKE to have gotten Icahn’s reaction to-" times even before the word gets out — the Icahn group Criticism Icahn group, which I ’m told purchased the shares at an suitor — Icahn or anybody else — at a price way above a all o f this, plus his latest thoughts on bis com pan^^, will seek board representation or even make a pitch to average $28 between mid-June and late July, thus made company’s current market value, in effect squandering holdings of several hundred thousand shares pt-’ buy the company. In fact, the group has even gone so far a fast profit — over $5 million of which, 1 hear, was corporate assets. And in the case of American Can — Firestone Tire & Rubber. But'no luck; Icahq d eclin e Third group as to stage a couple of proxy fights for corporate con­ realized by Icahn himself. viewed by many Wall Streeters as a sleepy company all comment. i. trol. surprises with listless and unimaginative management — ac­ As for AC, all it would say is that the purchase of th ^ HEFORK, C IM N t; you some of the background, it's In turn, this forces the target company, which in­ cusations are heard that the top brass essentially “ paid Icahn block was “ the right thing to do.” worth noting that this latest windfall is the sixth market variably wants no part of Icahn, to either buy back the o f f ’ Icahn with an excessive profit to maintain in­ Maybe so, but it’s too bad other AC shareholdei^? killing the Icahn group has made since 79 for a total group’s’shares (at a hefty profit, of course) or to seek a dependence. couldn't also get management to buy back their sharer; profit of about $58.5 million, with slightly over half to white knight. In one case. Simplicity Pattern, the Icahn Israelis Actually, the story, as I get it, is that Icahn wanted at 035. And with the company in a sharply declining ear-^ Icahn, the skipper of the Big Board brokerage firm of group sold its holdings to another wooer. board representation; also to help AC develop its expan­ nings trend — plus the buying support provided by the, of guerrillas Icahn & Co. ding financial services operation (headed by former hot- Icahn group — it's easily conceivable that AC’s shares” JERUSALEM (UPI) - IsraeU of­ The .chief money-making thrust of the Icahn group; III''.KI';, SO l'K C E H tell me, is a rundown of the profits the Icahn group has reaped in its various in­ shot money manager Gerald Tsai, who personally owns could come under selling pressure. ficials took issue today with scare tactics. about 3.5 percent of AC’s shares).,And, in turn, given an But that’s yesterday’s news to Icahn; he’s laughing allT Secretary of Defense Casper In brief, the group will seek out a company whose vestments (AC exclud^); the way to the bank. Weinberger’s criticisms of dsrael assets are selling well below book value (AC s is about • Tappan Co..,1979; $2.7 million. OK by AC management, Icahn would then confine his for tem poral^ halting the evacua­ tion of Palestine Liberation Organization forces from Beirut. leaving port Coupon A senior official said there had r-ln Brief- ATM keeps been a “ very clear violation” of the “ detailed plan” Israel agreed to in By Vincent J. SchodolskI and rocket-propelled grenade negotiations with U.S. envoy Philip United Press International launchers on board. Habib. printers A third group of Palestinian But pressure from U.S. envoy Justifying the Israeli action fiu w ' CNG income up cash right guerrillas arrived today at Beirut’s Philip Hahib and his aides kept the day, the official cited' the '"U*r port to board evacuation ships, withdrawal plan on time and by late blockade of Cuba during the 1662 HARTFORD — Connecticut Natural Gas Corp. cheered by thousands of supporters Sunday, 1,379 of the estimated 7,(X)0 missile crisis. has reported increases in consolidated net income boom ing and machine-gunfiring comrades. to 9,000 guerrillas to be evacuated Weinberger said in a television in­ for the 12-month, six-month and three-month had left west Beirut. at hand terview Israel had “ no basic right” As the guerrillas prepared to periods ended June 30.1982, as compared with year- to hold up the departure of the ship Several thousand more Syrian and ago periods. Earnings per share were down for 12 LIV O N IA, Mich. (U P I) - Security. )s,: leave, the Lebanese Parliament met carrying PLO members and a in the town of Fayadiyeh outside the Syrian-backed Palestine Liberation months and six months, and up for three months. NEW YORK (U PI) - In St. Paul, tight inside and outside a 200,(X)0-squarg- number of jeeps, which Israel capital and elected the Israeli- Army troops were also scheduled to Minn., one can do his banking at a gas foot building, where presses run 24 hours objected to as not covered by the backed Christian militia leader leave west Beirut by the time the Robert H. Willis, chairman and president, said station. In California, workers at a day, seven days a week. Trucks are agreement. Bashir Gemayal as the youngest withdrawal ends in less than two operating income was down for all periods but that vleinorex and Southern California seal^ at the dock and waste is dl^' "We were very surprised at president in the country’s history. weeks. deductions for interest charges were reduced due to Edison can get cash and make deposits patched to a shredder. Weinberger’s comments,” the of­ the sale of 700,000 additional common shares and l ight at the office. Business clearly is thriving in the Israel Television Sunday sai'd ficial said. “ Specific violations were The election was boycotted by $15,000,000 in first mortgage bond earlier this year. In Las Vegas, Atlantic City or Reno, a midst of bad economic times. Israel had accused Habib of giving very clear and obviously the com­ most of Lebanon’s Moslem deputies, The proceeds were used to prepay high-cost bank losing gambler can replenish his cash They’re printing money? Almost. the PLO permission to take the ments were not justified.” many of whom have bitter loans reserves from automated teller Chances are the folder of “ cents-off’’ vehicles. But in Washington, He pointed to three alleged memories of Gemayal’s roie in nacliines without missing more than a coupons that fluttered out of last Sum- Defense Secretary Caspar Earnings per share figures reflect the sale of the violations; the loading of jeeps on leading the Christians against their few rolls of the dice.