Word: ling
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...people. Chairman Rupert C. Thompson Jr. of Textron Inc., a $1.1 billion-a-year complex that makes everything from Sheaffer fountain pens to Bell helicopters, houses his entire headquarters in 1½ floors of a small office building in downtown Providence. So decentralized is Dallas' fast-growing Ling-Temco-Vought that it sets up its subsidiaries in seven publicly owned (but L-T-V-controlled) companies. In that way, explains L-T-V President James J. Ling, each company is "visible to the public and must be viable and capable of standing...
Rotarian's Return. No sooner had Ling and several associates installed themselves in a suite at the downtown Pfister Hotel than Ling began his performance. Instead of the Big Man from Big D, Jim Ling played the visiting Rotarian. In a telegram to Allis-Chalmers' board, he offered to pay roughly $45 a share for 51% of the company's common stock-then trading at about $35 -if the board would give its O.K. Such politeness hardly suggested a Texas raider, and Ling himself soon ventured out to win the heart and mind of Milwaukee. He phoned...
Allis-Chalmers, for its part, thought it might teach Ling a thing or two. Within 48 hours, its board replied with a blunt rejection of the L-T-V offer, announced that "shareholders will be far better served" by a possible merger in the works with General Dynamics. Ling, back in Dallas by now, was unfazed. He merely uncorked "Plan B"-a new offer to buy all of the stock for a mix of cash plus two classes of L-T-V shares worth, by LTV's estimate, around $55 per share of Allis-Chalmers' common. Moreover...
...That changes the ballgame!" cried one Allis-Chalmers executive. And there, at least by Ling's calculations, it should have ended. Even Beauchamp (pronounced beach 'em) E. Smith, the Allis-Chalmers director with the biggest block of shares (21,560), pronounced the new offer "far, far more interesting." There was little likelihood that the company would find a savior with anything like LTV's bankroll (furnished by a group of banks headed by the Bank of America) and willing to offer a better price. The company, L-T-V figured, was boxed in and liable...
Next day L-T-V withdrew entirely, saying it did not want to "enter a contest" for the company. Despite that statement, some who know Ling best are convinced that the next arena in his fight to take over Allis-Chalmers will be in a direct bid to shareholders...