Word: mcgraw
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Dates: during 1970-1979
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DIED. Malcolm Muir, 93, founder of Business Week and longtime executive of Newsweek; in Manhattan. As president of the McGraw-Hill Publishing Co., Muir in 1929 helped create Business Week, and in 1937 joined News-Week as its president. He changed the four-year-old magazine's name to Newsweek, emphasized more interpretative stories, introduced signed columns and international editions. Muir was named honorary chairman of the board when the Washington Post Co. bought the magazine...
...American Express Co. is to win its battle for McGraw-Hill Inc., the magazine, book and information-services giant, it will have to be by way of a revolt of Mc Graw-Hill shareholders against their own management. That was the upshot of fast-moving developments last week that abruptly switched the tide of battle in one of Wall Street's biggest takeover wars ever...
Amexco initially seemed likely to win. But its managers appeared stunned by the fury of McGraw-Hill Chairman Harold McGraw Jr.'s attacks on Amexco's "corporate morality" and unwilling to take the chance that further such assaults would blacken its reputation during a drawnout struggle. At the start of the week, Amexco Chairman James D. Robinson III raised the company's bid for McGraw-Hill stock from $34 a share to $40, or a total of almost $1 billion in cash. But he promised not to make a tender offer to stockholders unless the majority...
...McGraw called the Amexco bid "illegal, improper, unsolicited and surprising," and charged that Amexco "lacks the integrity, corporate morality and sensitivity to professional responsibility" essential to McGraw-Hill's operations. He claimed that Robinson had agreed last summer not to bid for McGraw-Hill after his informal overtures had been turned down, and that he was now guilty of "an unprecedented breach of trust." McGraw thundered that Morley, by continuing to sit on the McGraw-Hill board until the bid was made, "clearly violated his fiduciary duties to McGraw-Hill and the stockholders ... by misappropriating confidential information and conspiring...
...odds do not seem good for McGraw-Hill's management. In tender offers over the past ten years, the target company has been acquired 85% of the time either by the initial aggressor or by another bidder. Even Lipton, who with his pale, bland face and dark shapeless suits looks like an ambitious bank clerk, admits: "Cash offers are rarely defeated." Two years ago, he fended off Congoleum Corp.'s cash offer for Universal Leaf Tobacco. Says a Wall Street merger and acquisition specialist: "Marty tied Congoleum up for over eight months in the courts...