In their relentless pursuit of growth through merger, U.S. businessmen are increasingly resorting to a blitzlike form of corporate warfare. It is the tender offera public solicitation to buy stock of another companyand it has clearly replaced the old-fashioned proxy fight as the favorite weapon for forcible corporate takeovers.
Last year, no less than 107 companies were swallowed up through the tender route as against a mere eight in 1960. That was only a small portion of the 1,746 corporate mergers and acquisitions in 1966, but the tender total is heading much...
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