Business: Amexco Stalled

But the fight may go on

If American Express Co. is to win its battle for McGraw-Hill Inc., the magazine, book and information-services giant, it will have to be by way of a revolt of Mc Graw-Hill shareholders against their own management. That was the upshot of fast-moving developments last week that abruptly switched the tide of battle in one of Wall Street's biggest takeover wars ever.

Amexco initially seemed likely to win. But its managers appeared stunned by the fury of McGraw-Hill Chairman Harold McGraw Jr.'s attacks on Amexco's "corporate morality" and unwilling to take the chance that further such assaults...

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