However, the Service has announced that it will apply the INDOPCO decision to both friendly and
unfriendly takeovers.
The buyout, if successful, will turn World into a privately owned company as a step to discourage an
unfriendly takeover.
11, 1998--Raychem Corporation's (NYSE:RYC) board of directors today adopted a new stockholder rights plan designed to protect stockholders in the event of an
unfriendly takeover by encouraging potential acquirers to negotiate with the board.
With the management buyout scheme aimed at discouraging an
unfriendly takeover, World plans to delist its stock possibly in November.
Technology companies are no longer immune to
unfriendly takeover attempts during downturns in their stock price.
Among the accomplishments that Turley remembers most vividly is his battle, in 1985, to save Eckerd from an
unfriendly takeover, a battle that ended with the 1986 leveraged buyout that took the public company private.
President Kerry Sully stated, "We consider Crestar's offer to be an
unfriendly takeover bid an we will take all steps necessary to protect our shareholders.
In the process, he saved Peoples from an
unfriendly takeover by another chain drug executive.
In stark contrast to the mid-1980s, when its earnings fell and it had to fight off an
unfriendly takeover, Eckerd used its financial resources during 1989 to acquire three chains: the 16-store Dunaway Drug Stores chain, based in Marietta, Ga.
Unlike Tribune, Gannett and, lamentably, the late Knight Ridder, these companies are protected from
unfriendly takeovers because family and management maintain control through non-trading voting stock.
In the 1980s the show followed the news, such as insider-trading scandals, and also trends, like
unfriendly takeovers.
Family-run businesses also fear
unfriendly takeovers once the company is public, he says.
