Word: fuqua
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...Fuqua Industries, an Atlanta-based conglomerate, offered to pay no less than $15.50 each for all of the Avis shares held by Smith, and agreed to make an equal or even better offer for the remainder of the stock held by the public. The Justice Department eagerly let it be known that it favored complete divestiture of the shares by the trustee as quickly as possible...
Smith rejected the Fuqua offer, arguing that stockholders would best be served by selling the shares from time to time on the public market. Indeed some Wall Street analysts agree that Fuqua's bid is low in view of Avis' strong earnings. Last year its profits climbed 55% over those of 1975, to $16.4 million, and earnings are expected to be at least as strong this year...
...Fuqua executives and some Avis shareholders implied that Smith does not want to sell because of the fees he derives from the trusteeship. Over the past two years, they note, Smith has received fees of $100,000 from ITT. His law firm got $220,000 from ITT for various services involving Avis. In addition, Smith and one of his law partners have also been paid retainers of $6,000 a year as Avis directors, plus expenses for them and their wives to travel to meetings in Europe. Fuqua contends that Avis, the only major car-rental firm that...
...small tobacco farmer in Virginia, Fuqua could not afford to go to college, but he did read "books, books, books" on radio and finance. At age 21 he persuaded backers to start a new radio station in Augusta, Ga., for him to run. J.B. soon talked the owner of a bottling company into selling out for a share of future profits. Wheeling and dealing, he was able to buy his own radio station in 1949; by 1953 he had branched into TV. The profits allowed him to use his spare time to serve four terms in the Georgia legislature...
...Fuqua returned to corporate trading in 1965. Wanting to buy a company with a listing on the New York Stock Exchange, he purchased a metal-plating firm, only to liquidate it-except for its controlling interest in Natco, a Pittsburgh-based tile manufacturing company. Natco was renamed Fuqua Industries and became the corporate base for J.B.'s expansion program. By 1968 he had acquired more broadcasting stations and companies in photofinishing, mobile homes, lawnmowers and trucking, which all together rang up sales of $223 million. Next came a sewer-pipe company in 1970, but he sold it because...