Word: harold
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...then answer. The next morning he said he was "negative" and asked stockholders to do nothing until the board meets this week to study the offer. The Amexco bid comes to $34 a McGraw-Hill share, a fat premium over the $26 market price just before the bid. But Harold McGraw, grandson of the company's founder and a man set in his ways, wants to keep the family in command...
...drama began Monday when James D. Robinson III, Amexco's 43-year-old chairman, walked into the office of Harold McGraw, 61, chairman of McGraw-Hill. Robinson brought with him Amexco President Roger Morley, who is also a McGraw-Hill director; Morley earlier had dropped some hints of Amexco's interest, but they were so subtle that McGraw may have failed to pick them up. The two American Express chiefs gave McGraw a letter proposing that Amexco buy all of McGraw-Hill's stock for $830 million in cash, or cash and Amexco stock if McGraw-Hill...
Worse, the company has been rent by management and family feuds. Charles C. ("Jim") Randolph was fired in 1976 as publisher of Business Week, for reasons that say much about the company. Dashing, articulate Randolph did not get on well with earnest, staid Harold McGraw; he also demanded more autonomy for his magazine, which is the company's richest moneymaker, than McGraw was willing to grant. In this battle, Randolph made the mistake of allying with Executive Vice President Donald McGraw, who fell out with his cousin Harold and then quit the company and later left the board under...
...feuding family directly owns about 12% of the stock, and perhaps as much as 23% when the holdings of other relatives and family trusts are counted. Last week most family members publicly backed Harold McGraw, but some hinted that they might vote with their pocketbooks if Amexco sweetens its price. Indeed, one much rumored reason for Donald McGraw's leaving the company was that he was willing to listen to takeover bids while Cousin Harold...
...Brill, the Teamsters are a metaphor for American society. The Harold Gibbons chapter that closes the book brings this out even more than the stories of the two rank'n'filer Teamsters. Gibbons was a socialist St. Louis Teamster leader, who pioneered in providing his members with a food co-op, his retirees with low-cost subsidized housing, St. Louis with mass transit, and who even supported busing to help eliminate segregated schools before the 1954 Supreme Court decision. And Gibbons supported McGovern in 1972 against the Teamster tide for Nixon. But he backed down when it came to challenging...