Youths Slain in West Bank

24 - MANCHESTER HERALD, Tues., March 23, 1962 Average stockholder plays second fiddle Bentley uses Democrats get Celtics near ............... This is about one of the biggest disgraces in corporate cases where companies fight a takeover and entice a .................................................... RECENT America — the ongoing rape of the stockholder. And the higher bid (either from the same wooer or a new one), YEAR BUYER TARGET OFFER^PRICE get an airing their remap win record sad fact is it'll just go on and on. invariably the ultimate takeover price is considerably 1976 Anderson Gayton Stokely Van-Camp 28 27 Example: Last year, Standard Oil of California made higher; in some cases, he says, it’ll run 40 to 50 percent 1977 Anderson Clayton Gerber Products 37 28V4 .4. page 3 Dan Dorfman higher. ... page 5 a pitch to aquire Amax Inc., the big natural resources 1978 Cater-Hawley ... page 12 company, for $78.50 a share. Amax shareholders were 42 26 Syndicated Hale Marshall Field never given a shot at saying “ yes” or "no.” The Amax PM N O T ABOUT T O T A K E issue with Flom 1978 Occidental Pet. Mead 35 20 directors simply said "no” ... and that was it. Today Columnist (whom I like and respect), but I wonder how convincing 1979 American ExpressMcGraw-Hill 34 48% Amax’s share are selling at around $26.50. a case he could make to shareholders of a slew of com 1979 Mattel MacMillan 24% 15% Or how about Grumman Corp.’s rejection of a $45-a- panies that rejected takeover bids and whose stock 1979 Brascan, Ltd. F.W. Woolworth 35 17% share bid from LTV? Grumman’s management even prices are now much longer. 1980 Sandoz, Ltd. McCormick & Co. 37 18% 20 11 went so far as Ok’ing in the use of pension fund money to 1980 Shearson Orion Capital % Chance of rain buy the company’s own shares in the effort to block the I ’m talking about companies like Woolworth, which Manchester, Conn. offer and arbitrage activity associated with takeovers 1980 Kuwait Govt. Getty Oil (x) 82 46% deal. Today. Grumman’s shares are trading around turned down $35 a share from Brascan in ’79 (the stock’s Bob Evans Farms 36 24% on Thursday that the only time they shout "foul” is when they end up now around 17 Vi). Or Zapata, which last year rejected a 1 ^ Beatrice Foods Wed., March 24, 1982 $22.50. losing money. 1981 LTV Grumman 45 22% These are just a couple of examples — These are just $36,50-a-share offer from Occidental Petroleum (the — See page 2 1981 Stand. Oil Single copy 25c a couple of examples —.see the accompanying chart for stock’s now around $18). ONE MAN intimately involved in the takeover game, (Calif.) Amax 78% 26% a slew of others — of how the average stockholder, in William Chatlos, argues that stockholders are being You know, it would be great if the choice of a takeover 1981 Occidental Pet. Zapata 36% 18 effect, the owner of his company, winds up playing se "cheated and depriv^” on a wide-scale basis. A former was ultimately left to the discretion of the shareholder. 1981 Tamco cond fiddle to management’s self-interests. partner of proxy solicitor Georgeson & Co., where he — but then, that would strip corporate management of . Enterprises City Investing 32% 22 helped shape takeover strategy — he's now a consultant THK INJCSTICE of it all was brazenly pointed up the ability to perpetuate its own interest regardless of (Note: (X ) equals Kuwait bid for only 15 percent of in the field — (Hiatlos roasts management for its lack of again this past week when Marshall Field & Co., the big the rights or wrongs of the matter. On second thought, I Getty.) responsibility to its shareholders. Chicago-based retail chain, accepted an initial $25.50-a- ^ take it all back; I don’t want you to think this column is Source: Tomislava Simic, W.T. Grimm & Co. It’s outrageous, he tells me, that today’s management share offer (later upped up to $30) for its acquisition by written by a dreamer. VD increasing r % operates on the theory that it’s their sole function to Batus Inc., a subsidiary of B.A.T. Industries of London. create wealth through rising earnings and dividend Only four years before. Field’s management had turned Youths slain payouts — “ and that some third party God or the stock down a $42-a-share offer from Carter-Hawley-Hale. market — will convert it all into rising stock prices.” Whether the Field deal goes through or not remains to The whole idea, as Chatlos sees it, went out the win Attention 4th, Sth, 6th Graders, among teens be seen — what will several other parties in the wings, dow in ’68 (the top of a huge and highly speculative>.bull including enterpreneur Carl Icahn, whose interests con^ market) when the economic structure of the trol nearly 30 percent of Field’s shares. But if Batus marketplace changed. SpecificaHy, he’s talking of a new does manage to pull it off. Field’s shareholders — recognition of corporate earnings that took shape as Junior High and High School Studentsl in West Bank specifically those poor souls that have held the stock small investors fled the market and institutions came in Manchester since ’78 — will have been deprived of a substantially in to own it. The instutions, as he explains it, became higher price they would have received had the original much more selective — concentrating on a lesser C-H-H offer been accepted. By Nancy Thompson number of companies. And in turn, a lot of smaller com TEL AVIV, Israel (UPl) - Two .gas, dispersing youths who hurled stones One man, though, who won’t be deprived is Field’s Herald Reporter panies with solid earnings growth rates were bypassed Palestinian youths were shot to death and set up roadblocks of burning tires in chief Angelo Arena. Batus, ignoring Field’s mediocre ... and this inequity remains the case today. today and an Israeli soldier was stabbed the town of 85.000 Palestinians. showing in recent years under Arena’s leadership, is Venereal disease is increasingly showing up in young by one of the youths, military sources The radio reported rock throwings in giving Arena a wonderful goodie — an extension of his teenagers from the Manchester area, several health W H A T DOES IT all mean? said. New strikes and demonstrations Ramallah. Nablus, Jericho, Nablus and employment contract (which amounted to $435,000 an According to Chatlos, corporate management must professionals told the Advisory Board of Health engulfed the Israeli-occupied West Bank Bethlehem and said Israeli security nually at the last filing) through January ’85. Too bad we undertake the responsibility for a better market price Tuesday. and Gaza Strip. forces entered the refugee camp of Khan all can’t be so well rewarded for doing a bum job. Representatives from Planned Parenthood, the for its company’s shares; it can no longer simply say — 1982 Military sources said a Palestinian Yunis to quell disturbances. “ Oh well. I ’ve done my very best to improve earnings... Manchester Memorial Hospital VD Clinic and a nurse in CONVERSATIONS WITH SOURCES in the youth armed with a knife accosted two and so therefore I’ve done my job.” In other words, says private obstetrics-gynecology practice said they have merger and acquisition field unearth a lot of pros and soldiers on patrol in the West Bank town Chatlos, management must see to it that the begun to see more 13-, 14: and 15-year-olds with venereal cons on the propriety of certain takeover deals. But of Jenin. The youth stabbed one soldier marketplace reflects the values underlying the com disease in the past year. specific disturbing trends clearly emerge. Chief among and the other soldier opened fire, Israelis seize pany’s assets; and if that goal is not being achieved, Penny Russman of Manchester’s Planned Parenthood them: shooting the youth to death, the sources then "it has an obligation to die — either through a office said routine tests uncovered eight cases of • In too many cases, the directors of a takeover target said. sellout, liquidation or a spinoff — to fulfill its respon gonorrhea, adding, "Most have been young teenagers.” are ignoring their fiduciary responsibiiity (although The wounded soldier was taken to sibility to its shareholders.” Irma Meridy, a nurse in private practice, said her of guerrilla unit they’d heatedly deny,it) by bowing to management’s Afula Hospital in serious condition, the An example of the benefits to shareholders from the fice had treated two young teenagers last year who had wishes and rejecting big premiums over the existing military sources said. alternative death strategy advocated by Chatlos can be gonorrhea. “ That’s a first," she said. stock prices. In an earlier incident a Palestinian TEL AVIV, Israel (UPI) — Israeli seen in the going price of desirable corporate assets The health professionals were invited to the Advisory • Many of the best minds in the legal profession are so teen-ager was shot and killed, from troops captured a three-man Palestinian when there is competitive bidding. In 1980, the average Board of Health meeting by £)r. Alice Turek, acting busy divvying up the spoils from tender offers, suits and bullets apparently fired from a civilian guerrilla force in southern Lebanon corporate acquisition, according to statistics compiled chairwoman of the board and the town's health director. what-have-you that they are closing their eyes to the vehicle in the West Bank town of Hebron.

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