Word: premiums
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Dates: during 1970-1979
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Tengelmann's offer of about $7.50 a share, a small premium over the prebid market price of $6.75, values the company at $186 million. That is peanuts to pay for a stock that hit $39 a share eleven years ago, for all the remaining operating outlets, and for assets that have a book value of $17.50 a share-$434 million in all. A&P also has a huge net inventory of food and other salable goods; at last count, that was worth $300 million...
...meeting was brief and cordial, and McGraw did not 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...
...ever, since aftertax income has risen as fast as tuition, or faster. Yet by that reckoning, public colleges are a bigger bargain than ever, since the gap between public and private student tuition has grown from $416 yearly in 1956 to more than $2,000 today. The four-year premium for a private B.A., a sum approaching $8,000, is large indeed...
Avon apparently was willing to pay such a high premium, as buyers often do at Tiffany, to clinch the deal quickly in order to avoid a bidding war with other covetous companies. Hoving, 80, long courted by many other suitors, was willing to sell to Avon not only because the price was ripe?$104 million in all?but also because he was promised that he could continue to run Tiffany as an independent fiefdom. Says Hoving: "Charles Tiffany, who founded the company, ran it until he was 92, so I'm going to try to beat his record...
...With the premium on board scores as a standardized measure--whether it be for college (SATs), business school (GMATs)--graduate school (GREs), or medical school (MCATs)--it's little wonder that the test preparation business has mushroomed into a flourishing multi-million dollar industry...