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Bidding War

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BUSINESS
By Alec Matthew Klein and Alec Matthew Klein,Sun Staff Writer | July 29, 1995
The bidding war is on.Less than 24 hours after May Department Stores Co. and J. C. Penney Co. unloaded a joint offer to acquire Alexandria, Va.-based Woodward & Lothrop Inc., analysts and officials involved in the deal speculated that competitor Federated Department Stores would be forced to up the ante.Federated -- mum for the moment -- has 10 days to decide.At stake is a cache of Woodies department stores in the Baltimore-Washington market and, through the chain's subsidiary, John Wanamaker stores in the Philadelphia region -- both strategic and lucrative markets in an increasingly consolidating and competitive department store industry.
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By Jamie Smith Hopkins, The Baltimore Sun | October 31, 2013
If you want to get the best price for your home, should you: A. Ask for more than you think it's worth? B. Ask for exactly what you think it's worth? C. Ask for less and count on a bidding war to push you over the top? A study in the Journal of Economic Behavior & Organization this year argues that the answer - despite what you've probably heard - is A: overprice. Underpricing doesn't work for the average seller, the authors say. They suggest that pricing high pays off in an extremely modest way, a boost of about $100 to $200 on average over similar homes.
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BUSINESS
By New York Times | March 7, 1991
NEW YORK -- A bankruptcy judge left the door open yesterday for a bidding war for the troubled Financial News Network Inc.Federal Judge Francis G. Conrad in Manhattan upheld General Electric Co.'s contract to acquire FNN for $105 million, but he did not rule out a new bid from Dow Jones & Co. and Westinghouse Broadcasting Co. or another party.In a surprise move on Feb. 26, FNN agreed to the GE deal, after weeks of negotiations on a $90 million joint offer from Dow Jones and Westinghouse.The judge yesterday said a new bid would have to be at least $115 million, or $25 million more than the initial joint offer by Dow Jones and Westinghouse.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 20, 2012
David D. Igla lost out on three Ellicott City homes in the past few months before he finally beat the competition and had an offer accepted. What kind of so-called buyer's market is this, he wondered? Some houses zip off the market — occasionally above asking price — while others languish because the price isn't right, the home isn't updated or other aspects of the property don't appeal. The result: plenty of frustrated buyers and sellers. Welcome to the post-bubble, post-bust housing market.
BUSINESS
By Agis Salpukas and Agis Salpukas,New York Times News Service | December 10, 1991
NEW YORK -- A fierce bidding war broke out yesterday between American Airlines and United Airlines for the Latin American routes and other assets for sale at the liquidation of Pan American World Airways.The two airlines, which are longtime rivals, suddenly made dramatic moves late in the evening.United, which had an initial bid of $66.5 million, pushing its bid up to $100 million; American topping that bid with an offer of $105 million; and United came back with an offer of $110 million plus a promise of employment for 1,000 former Panam employees.
BUSINESS
By Ted Shelsby and Ted Shelsby,Sun Staff Writer | March 12, 1994
Like an F-14 fighter launched from the deck of an aircraft zTC carrier and climbing toward the clouds, Grumman Corp.'s stock has soared more than 76 percent in the past week, and the indications are that it may go even higher.Grumman shareholders are the chief beneficiaries of a bidding war for Grumman that erupted this week betweenBethesda-based Martin Marietta Corp. and Northrop Corp. of Los Angeles.Grumman's shares jumped $3 yesterday to close at $64.75, well above Northrop's Thursday bid of $60 a share -- or $2.04 billion -- and an indication that Wall Street expects the bidding to go even higher.
BUSINESS
By BLOOMBERG BUSINESS NEWS | November 8, 1995
CHICAGO -- UAL Corp. Chairman and Chief Executive Gerald Greenwald said yesterday that his company will buy USAir only if he can assure employees that their shares will be worth more after the acquisition."
NEWS
By NEW YORK TIMES NEWS SERVICE | November 15, 1999
LONDON -- Mannesmann AG, the German telecommunications giant, rejected a $106.4 billion friendly takeover offer made yesterday by Vodafone AirTouch PLC of Britain, possibly setting the stage for the largest hostile takeover attempt ever and a potential trans-Atlantic bidding war by Bell Atlantic Corp. and other U.S. companies.Hoping to avoid having to make a hostile bid, Christopher Gent, chief executive of Vodafone, the world's leading mobile phone operator, flew with advisers to Mannesmann headquarters in Duesseldorf, Germany, yesterday afternoon to present an all-stock offer to Klaus Esser, chief executive of Mannesmann.
BUSINESS
By New York Times News Service | September 23, 1993
NEW YORK -- The bidding war for Paramount Communications Inc. intensified yesterday, as the contestants dug in their heels.Spurning telephone companies' offers to aid its bid, Viacom Inc. said yesterday that it preferred to go it alone in pursuing the deal it reached to acquire Paramount last week.In an interview, Frank J. Biondi Jr., Viacom's chief executive and president, said his company was not looking for partners that could help it sweeten its bid, which is now valued at $7.4 billion.
NEWS
By JONATHAN PITTS and JONATHAN PITTS,SUN REPORTER | April 25, 2006
It's oblong and ceramic, the size of a turkey platter, glazed a shimmering turquoise. Green, red and yellow objects suggesting pieces of fruit adorn the rim all the way around, though none has managed the full transition from clay to pear or apple slice that the artist seems to have intended. Beth McFadden inspects the spanking-new objet naif in the light of her office as a jeweler might a diamond. "How can you put a price on something like this?" she says, sighing and shaking her head.
SPORTS
December 3, 2009
A little Halladay shopping Amanda Housenick The Morning Call How many times can you say Roy Halladay? The Toronto Blue Jays pitcher is the biggest name out there. His right arm has a healthy track record. He is a good clubhouse guy. Oh, and he's got great stuff. Cy Young-type arsenal. He gets out lefties, righties, sluggers and slap hitters. Halladay, who would become a free agent after the 2010 season, won't be agreeable to any trade discussion once he reports to spring training in February.
NEWS
By JONATHAN PITTS and JONATHAN PITTS,SUN REPORTER | April 25, 2006
It's oblong and ceramic, the size of a turkey platter, glazed a shimmering turquoise. Green, red and yellow objects suggesting pieces of fruit adorn the rim all the way around, though none has managed the full transition from clay to pear or apple slice that the artist seems to have intended. Beth McFadden inspects the spanking-new objet naif in the light of her office as a jeweler might a diamond. "How can you put a price on something like this?" she says, sighing and shaking her head.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | April 23, 2005
Taking on a new role, Legg Mason fund manager William H. Miller III has become an active player in the bidding war for MCI Inc., putting up undisclosed millions to back Qwest Communications International's beefed-up bid for the long-distance company. Legg Mason confirmed yesterday that under Miller's direction it had joined other large stakeholders who are putting money on the table in the battle for MCI. But Legg said it could not release details of Miller's financing plan. Miller's office did not return telephone calls seeking comment.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | August 12, 2004
TOKYO - A Tokyo court granted an appeal by UFJ Holdings yesterday that clears the way for the struggling Japanese bank to resume merger talks with its larger rival, the Mitsubishi Tokyo Financial Group, in a deal that could create the world's largest bank. The Tokyo High Court reversed an injunction by a lower court that had banned UFJ from including its money-management unit in the merger negotiations because of a previous agreement to sell that business to another bank, the Sumitomo Mitsui Financial Group.
NEWS
By Hanah Cho and Hanah Cho,SUN STAFF | April 25, 2004
Realtor Joe DeLuca figured the robust real estate market would reach its peak and then eventually bottom out. "I have been telling my group that it'll slow down for three years," said DeLuca, who manages the Eldersburg branch office of Long & Foster Cos. "It hasn't." In fact, business at DeLuca's office has been brisk, with buyers trying to lock in low interest rates and bidding up home prices in Carroll County. Across the country and in Maryland, the real estate market has been a boon in what otherwise has been a lackluster economy.
BUSINESS
By Andrew Leckey | February 29, 2004
The economy is looking up, companies have their financial houses in order, banks are willing to lend more money and interest rates remain low. Such symptoms foreshadow the outbreak of merger mania, a malady in which the corporate desire to grow bigger becomes insatiable. Likely to heighten this financial fever is a weak U.S. dollar beckoning foreign suitors to buy American companies at currency rates that are 20 percent to 30 percent more favorable than two years ago. Attorneys and investment bankers, prepare your personal bank accounts for outrageous deposits!
BUSINESS
By Ted Shelsby and Ted Shelsby,SUN STAFF Bloomberg News contributed to this article | April 18, 1997
Sylvan Learning Systems Inc. said yesterday that it will pursue its plan to acquire National Education Corp. of California, despite a higher bid from a competitor."
BUSINESS
By Robert Little and Robert Little,SUN STAFF | February 23, 2002
Northrop Grumman Corp. made an unsolicited and seemingly unwelcome bid to buy TRW Inc. yesterday, the latest step in a long quest to merge its way to the top of the American defense industry. If the takeover succeeds - an uncertainty that will likely play out in boardrooms over the next days and weeks - Northrop Grumman would emerge as a $26 billion-a-year defense behemoth whose size could eclipse Lockheed Martin Corp., the nation's top defense contractor. Northrop Grumman does not want all of TRW, a manufacturer of commercial and defense products based in Cleveland.
NEWS
By Peter Hermann and Peter Hermann,SUN FOREIGN STAFF | May 20, 2003
BAGHDAD, Iraq - Pushing through the pickpockets and gun merchants clogging Kifah Street, a few men huddle in tight circles and engage in frenzied bidding wars, trading piles of Iraqi dinars and American dollars. The money-changers hold shopping bags bursting with bills. The men thrust their hands in the air and shout their prices. In lawless Baghdad, this is the money bazaar, part of a trash-ridden street where everything from eggs to night-vision goggles can be bought or bartered for and where the daily exchange rate is set for the dinar.
SPORTS
By Jamison Hensley and Jamison Hensley,SUN STAFF | March 10, 2003
The Ravens are in a holding pattern in their pursuit of Kordell Stewart. While the former Pittsburgh Steelers quarterback mulls over offers from the Chicago Bears and Arizona Cardinals, the Ravens have not set up a visit and remain cautious about getting into a three-team bidding war. The Ravens still view Stewart as the top quarterback on the market and are looking to bring him in for a meeting later this week. "We're going to be prudent with this," Ravens coach Brian Billick said. Stewart apparently is the only quarterback on the Ravens' radar.
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