Word: dividends
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...siren song should win some ready listeners. When the big copper producer was forced to divest itself of Peabody Coal by Government edict last June, savvy Wall Street analysts speculated that some or all of the $1.2 billion Kennecott received would be paid in the form of a special dividend. Instead, Chairman Milliken, apparently fearing an unfriendly takeover attempt, paid $66 a share for Carborundum. The rationale: the bigger the company, the more difficult it is to finance a raid. By paying more than twice the book value for a ho-hum company, Milliken let himself in for savage criticism...
...Rising clan, ascends with his newspaper, the Intelligencer, to the position of flame keeper for his insular Midwest town. His son tries to hold a fort that expands into shopping centers and tract houses. The grandchildren mislay the faith while inheriting the wealth that comes as an ironic dividend of cheapening values...
What happened was that Atlanta simply became overbuilt. New buildings failed to fill up, and high-cost real estate loans went unpaid. Late in 1976 the huge Colony Square commercial-residential redevelopment went bankrupt; last August Lance's National Bank of Georgia skipped a dividend. That same month, C & S cut its own quarterly dividend from 13? a share to 6?. In January it omitted the dividend for the first time since 1906, an alarming step for a bank of its stature. Then the Comptroller of the Currency ruled that even the slim profits C & S had reported...
...astonishing price of more than $560 million, or $66 a share-twice Carborundum's book value. Many of Kennecott's nearly 72,000 stockholders were sclerotic over the deal. Some had hoped that the company would eventually distribute to them in the form of a special dividend the $1.2 billion in cash and securities that it got from the sale of Peabody Coal last June; others had hoped that the cash-rich but troubled copper company, which lost $22 million in the last quarter, would itself become the target of a takeover attempt involving a generous tender offer...
...imminent layoffs and plant closings if an adequate gas supply was not assured. Workers and shareholders were also urged to write or wire their Senators; the argument was made that even though their gas bills might increase under deregulation, a gas shortage could cost them more by imperiling their dividend checks and their pensions. A group of 28 public relations people in Washington assembled arguments in favor of deregulation and sent packets out to field offices around the country...