Word: northwest
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Dates: during 1960-1969
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...make it even more difficult for Heineman to gain control, Goodrich persuaded shareholders to vote for the staggering of directors' terms. Thus, Northwest cannot possibly win a majority on the board until...
...March, Northwest revised its January proposal and offered a complex package of debentures, preferred stock and warrants, then worth about $75, for a share of Goodrich ($50). Keener, who dismissed what he called a "funny money" offer, had assembled a potent band of allies. For legal advice, he had White & Case, the Manhattan firm that masterminded American Broadcasting's successful defense against Howard Hughes last year. As investment bankers, he had First Boston Corp. To burnish Goodrich's image, Keener used three public relations firms, among them Hill & Knowlton, the world's biggest...
...sway Goodrich shareholders, costly advertisements passed the word that not only was Northwest attempting to swallow a much larger company, but it had also reported a first-quarter loss of $3.9 million. Recent ads pointed out that Northwest's stock had dropped from $140 in January, to 81¾ last week, with the result that Heineman's generous original package offer for one share of Goodrich was now worth about $10 less. (Goodrich stock closed last week...
...erect a federal regulatory hurdle for Heineman, Goodrich in March paid about $2.7 million in stock to buy Motor Freight Corp., a Terre Haute-based trucking company that competes with Northwest on some rail routes. Goodrich then petitioned the Interstate Commerce Commission, urging it to rule that Northwest would need ICC approval for a merger...
...Soliciting. The all-out campaign paid valuable dividends for the established management. On Capitol Hill, Senator William Saxbe of Ohio rose to praise Goodrich's efforts to fend off "the predatory advance of a conglomerate." The Akron Beacon Journal likened Northwest to a "brash hussy trying to persuade our favorite uncle to elope." Forbes, a business biweekly, ran a long article that was so favorable to Goodrich that the company bought full-page newspaper space to reprint...