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Tender Offer

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By SUSAN HARRIGAN and SUSAN HARRIGAN,NEWSDAY | June 27, 2006
Tribune Co., the owner of the Chicago Tribune, Los Angeles Times, Newsday and The Sun, will announce today the results of a tender offer to buy back about 25 percent of its shares. The offer was bitterly resisted by the Chandler family, the company's second-largest shareholder, which wants Tribune to spin off assets or sell the whole firm. Gary Weitman, a spokesman for Tribune, would not discuss the auction's progress yesterday. But he said that before markets open today, the company would disclose how many shares were tendered in the offer, and the price it would pay. The offer, announced May 30, was seen as an effort to boost Tribune's stock price and help fend off the type of investor pressure that recently led to the breakup of media company Knight Ridder Inc. The buyback offer ended at midnight yesterday.
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BUSINESS
By Lorraine Mirabella, The Baltimore Sun | May 9, 2014
Jos. A. Bank Clothiers Inc. said its CEO and president, R. Neal Black, earned $2.92 million last year, up slightly from 2012. Black's compensation included $791,275 in salary and $2 million in stock awards. Bank's top executive also earned another $126,000 through a change in pension value and other compensation, the men's apparel retailer reported Friday in an amendment to its annual report. Black earned $2.9 million in 2012. In March, the Hampstead-based store chain agreed to a $1.8 billion merger with larger rival Men's Wearhouse.
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BUSINESS
By Hanah Cho and Hanah Cho,Sun reporter | July 10, 2007
Despite opposition from its two largest shareholders, Laureate Education Inc. will become a private company after a majority of investors tendered their shares in a $3.82 billion deal led by Chairman and Chief Executive Officer Douglas L. Becker. The investor group said yesterday that about 59 percent of Laureate's outstanding shares were tendered for $62 apiece. The deal required that a simple majority of the outstanding shares be tendered. "With the future direction of the company now clear, we will be able to focus all our attention on serving Laureate's students and continuing the growth of the company around the world," Becker said in a statement.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | February 19, 2014
Jos. A. Bank Clothiers Inc. said Wednesday it has started buying back up to $300 million worth of its shares at $65 each, a step toward its planned acquisition of retail chain Eddie Bauer. The Hampstead-based men's apparel retailer said the offer will expire at midnight March 18, unless the company extends the deadline. The stock buyback is subject to closing the Bauer acquisition and designed to mollify shareholders pushing for a $1.6 billion hostile bid for Bank by rival chain Men's Wearhouse.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | November 1, 2000
The deadline by which Crown Central Petroleum Corp. said it wanted a tender offer from Apex Oil Co. in St. Louis, which has been trying for nearly a year to take over the Baltimore-based refiner, came and went yesterday with no word from either side. The independent directors at Crown, which include the entire board except Crown Chairman Henry A. Rosenberg Jr., asked Apex to make a fully financed, all-cash unconditional tender offer at $10.50 a share after shareholders rejected Crown's bid to merge with Rosemore Inc., a holding company owned by Rosenberg and his family.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | July 2, 2005
NeighborCare Inc. shareholders aren't rushing to sell their shares to rival Omnicare Inc., which is attempting a hostile takeover, at $32 a share -- a price below its trading level. Omnicare announced yesterday that only 7 percent of NeighborCare shares have been tendered at $32. The tender offer won't be triggered unless 80 percent of the shares are offered. In the same announcement, Omnicare extended its tender offer another month. It previously granted numerous extensions while awaiting antitrust review of its initial takeover offer of April 2004.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | November 2, 2000
Crown Central Petroleum Corp. said yesterday that it is giving Apex Oil Co. another month to make a tender offer for all outstanding shares of the Baltimore-based refiner, but only if "reasonable progress" is made during that time. The original deadline of Sept. 29 was extended by 30 days to allow Apex to complete due diligence. Yesterday's extension to Nov. 30 was given "to permit further discussions and negotiations." J. Steven Wise, Crown's manager of corporate and government affairs, declined to discuss progress so far or characterize the status of the talks.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | October 29, 2000
ST. LOUIS - In the midst of a takeover battle for Busch Memorial Stadium two decades ago, Paul Anthony Novelly was walking out of the ballpark with his lawyer when a newspaper photographer tried to snap his picture. In a classic Novelly move, he quickly raised a briefcase to shield his face from the camera. Now at the center of another very public takeover battle - control of Crown Central Petroleum Corp. in Baltimore - Novelly is still trying to avoid the limelight. The owner of privately held Apex Oil Co. does not give interviews, executives at his company are reticent about providing even the most basic information regarding holdings and sales, and his generous charitable contributions come with the caveat that they not be publicized.
BUSINESS
By Kelly Gilbert and Kelly Gilbert,Evening Sun Staff | December 6, 1990
American Telephone and Telegraph Co. has filed suit in U.S. District Court in Baltimore in an effort to block NCR Corp. and its board from preventing a takeover of the Dayton, Ohio-based company.AT&T spokeswoman Paula Horii said AT&T filed a companion suit today in U.S. District Court in Columbus, Ohio, to prevent NCR from tying up AT&T with requests for information under state laws there.The Baltimore suit, filed late yesterday, names NCR Corp., a Maryland-chartered company, and Maryland Attorney General J. Joseph Curran, a noted foe of corporate takeovers, as co-defendants.
BUSINESS
By Bloomberg Business News | April 7, 1993
Allied Research Corp. said it has lowered to 10 percent, from 25 percent, the ownership stake that triggers its "poison pill" rights offering."We realized the plan was not adequately protecting shareholder values," said Richard Farrell, a spokesman for the ammunition maker, which has its headquarters in Baltimore. He said Allied was worried that an investor could gain undue leverage with a partial tender offer just below the 25 percent threshold.The company closed yesterday at $13.125 a share, up 12.5 cents.
BUSINESS
By Hanah Cho and Hanah Cho,Sun reporter | July 10, 2007
Despite opposition from its two largest shareholders, Laureate Education Inc. will become a private company after a majority of investors tendered their shares in a $3.82 billion deal led by Chairman and Chief Executive Officer Douglas L. Becker. The investor group said yesterday that about 59 percent of Laureate's outstanding shares were tendered for $62 apiece. The deal required that a simple majority of the outstanding shares be tendered. "With the future direction of the company now clear, we will be able to focus all our attention on serving Laureate's students and continuing the growth of the company around the world," Becker said in a statement.
BUSINESS
By Stephanie Newton and Stephanie Newton,Sun reporter | June 12, 2007
A second major shareholder announced yesterday opposition to the management-led buyout of Laureate Education Inc. as the Baltimore operator of foreign and online universities continued its tender offer to take the company private for $62 a share. Select Equity Group Inc., a New York hedge fund and Laureate's largest shareholder, said in a letter to independent board members that it believes the current bid is too low. In the letter, Select Equity contends that Laureate could command at least $75 a share given its recent performance.
BUSINESS
By Rick Popely and Rick Popely,Chicago Tribune | August 26, 2006
Ford Motor Co. has only been a public company for 50 years. And with its stock trading at about $8 a share, would now be a good time for the ailing car maker to go private? Some observers think so. The currency for the idea has increased this week as more media and pundits jump on it as a plausible choice that doesn't necessarily preclude other options for the company righting itself. "There's a lot of private equity money out there," said Steve Jones, a finance professor at Indiana University's Kelley School of Business.
BUSINESS
By THOMAS S. MULLIGAN and THOMAS S. MULLIGAN,LOS ANGELES TIMES | June 28, 2006
Despite raucous boardroom dissent, Tribune Co. said yesterday that it successfully completed its tender offer and expects to buy 45 million of its shares at $32.50 apiece, the top price set by the company. The Chicago media company plans to follow up with the purchase of 10 million shares on July 12 from the McCormick Tribune Foundation - controlled by Tribune management - at the same $32.50 price. Tribune also said it would buy another 20 million shares in the open market beginning July 12 or later, bringing the total repurchase to 75 million shares, or 25 percent, of its 300 million shares outstanding.
BUSINESS
By SUSAN HARRIGAN and SUSAN HARRIGAN,NEWSDAY | June 27, 2006
Tribune Co., the owner of the Chicago Tribune, Los Angeles Times, Newsday and The Sun, will announce today the results of a tender offer to buy back about 25 percent of its shares. The offer was bitterly resisted by the Chandler family, the company's second-largest shareholder, which wants Tribune to spin off assets or sell the whole firm. Gary Weitman, a spokesman for Tribune, would not discuss the auction's progress yesterday. But he said that before markets open today, the company would disclose how many shares were tendered in the offer, and the price it would pay. The offer, announced May 30, was seen as an effort to boost Tribune's stock price and help fend off the type of investor pressure that recently led to the breakup of media company Knight Ridder Inc. The buyback offer ended at midnight yesterday.
BUSINESS
By Jay Hancock | August 28, 2005
DON'T CALL IT sweet surrender, but the impending capitulation of Six Flags Inc. to the assault of Washington Redskins owner Dan Snyder does not come without rewards for the theme-park company's incumbent managers. There is, for example, the opportunity for them to talk trash about the person who single-handedly accomplished what they couldn't do for a year: get the stock over $6. Last summer, as Six Flags shares plunged toward $3.49, Chief Executive Officer Kieran E. Burke blamed the company's poor results on bad weather and a bad economy and said, "We still hope to grow the business modestly."
BUSINESS
By Shanon D. Murray and Shanon D. Murray,SUN STAFF | March 25, 1999
Polk Audio Inc., a Baltimore-based maker of loudspeaker systems, said yesterday that it is going private, and will delist itself from the American Stock Exchange after it completes a buyback of outstanding shares.Polk decided to go private primarily because of its small stockholder base and its stock's infrequent trading activity on the exchange, Polk officials said.The company engineers and manufactures loudspeaker systems for the home and automotive markets. It sells directly through specialty retailers in the United States, Canada, Britain and Germany, and through distributors in about 45 countries.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | July 2, 2005
NeighborCare Inc. shareholders aren't rushing to sell their shares to rival Omnicare Inc., which is attempting a hostile takeover, at $32 a share -- a price below its trading level. Omnicare announced yesterday that only 7 percent of NeighborCare shares have been tendered at $32. The tender offer won't be triggered unless 80 percent of the shares are offered. In the same announcement, Omnicare extended its tender offer another month. It previously granted numerous extensions while awaiting antitrust review of its initial takeover offer of April 2004.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | June 17, 2005
Omnicare Inc. raised its offer to $32 a share for NeighborCare Inc. yesterday as the Federal Trade Commission gave the green light to the proposed acquisition. The FTC's action and the new offer made a deal more likely, but probably at a higher price since NeighborCare's stock closed at $33.70 yesterday, analysts said. NeighborCare, which has spurned a $30-a-share offer for more than a year, said its board would consider the new proposal, which values the Baltimore institutional pharmacy at about $1.7 billion.
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