Word: merger
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Dates: during 1940-1949
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...fracas started two months ago. Getty proposed the merger in order to get his money out of the two companies. Skelly wanted no part of the deal, as it would put his big, thriving Skelly Oil under smaller, upstart Sunray. Getty gave Skelly the boot as Mission Corp.'s president...
Last week, Tulsans feared that Bill Skelly had won one victory too many. He had blocked the year's biggest oil merger -a $123 million union of Mission Corp. and Getty's Pacific Western Oil Co. with Tulsa's Sunray Oil Corp. The man he had beaten was his own boss, Paul Getty...
...stockholder of Mission, Skelly brought two federal court suits to block the merger. He charged that Getty and other Pacific Western stockholders would get $93 million in cash for their stock (Getty's share: $79 million) while Mission stockholders would only get Sunray common stock, six shares for one of Mission. Sunray stock, said Skelly, would be of "questionable value" when the merger put $125 million of debts and senior securities ahead of the common stock. Getty's reply was that, measured by current market prices of the two stocks, Mission stockholders would get far more...
...Merger for Rank. After all the fuss & feathers, the stockholders of J. Arthur Rank's Odeon Theaters Ltd. quietly ap proved his plan to buy his General Cinema Finance Corp., for ?1,100,000 (TIME, Dec. 22). The plan was carried, with no dis sent, by a show of hands at the stock holders' meeting. Said the London Times: "Nobody will now query the [deal's] propriety . . . since shareholders have been given ample opportunity of dissenting...
Lowered Ax. The merger would also make possible "administrative economies." They had already begun. Less new talent would be hired and there would be no pay increases for stars. Such a policy had long been recommended by Rank's penny-wise chief adviser, ex-Accountant John Davis, 40. In the past he had lost some tiffs to producers who put prestige before profit. Now profit-minded John Davis was the undisputed operating manager...