Mergers: For Personal Reasons

Billionaire Howard Hughes and the American Broadcasting Companies, Inc. last week ended where they had started 15 suspenseful days before. Hughes still had the kitty of cash he was willing to spend to take over ABC, while ABC felt itself free again to listen to other suitors for merger.

Hughes's tender offer to buy 2,000,000 shares in the TV-radio network and theater chain at $74.25 per share was made July 1 when they traded for $58.88. The bundle would have amounted to 39% of outstanding stock and would have presumably led to a shake-up of management and operations of the...

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