Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, April 25, 1995 TAG: 9504260062
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
DETROIT - Chrysler Corp.'s board on Monday amplified its rejection of Kirk Kerkorian's unsolicited buyout proposal, questioning his ability to raise the money and saying the deal he wants would cripple the automaker.
The reclusive Las Vegas multibillionaire, working with former Chrysler Chairman Lee Iacocca, said April 12 he wanted to pay $55 a share for the 90 percent of Chrysler's stock he doesn't already own.
If successful, the $22.8 billion deal would be the second-biggest takeover of all time behind the $25 billion acquisition of RJR Nabisco by New York investment firm Kohlberg Kravis Roberts & Co. in 1989.
Kerkorian has said he would take $5.5 billion of Chrysler's $7.3 billion cash reserve to help finance the purchase.
``Your representatives have said that you are willing to bet your stake in Chrysler on such a transaction. Our directors do not have any interest in gambling with Chrysler's future,'' Chrysler Chairman Robert J. Eaton said Monday in a letter to Kerkorian.
- Associated Press
Union Women award honors to 3
The Western Virginia chapter of the Coalition of Labor Union Women has named Virginia Diamond, a member of the state's Workers' Compensation Commission, its woman of the year.
The chapter also honored two other public figures for supporting organized labor: Frank Rothweiler, an international representative of the International Union of Electronic Workers working out of the union's Pittsburgh office, was man of the year, and Virginia Lt. Gov. Don Beyer received the Profiles in Courage award, which was accepted on his behalf by Del. Richard Cranwell, D-Roanoke.
The coalition, with about 85 chapters nationally, strives to unify union women and work toward solutions to common problems.
- Staff report
by CNB