The Tables Turn On An Old Raiderby
VICTOR POSNER, FORMER raider, is himself fighting a takeover attempt. The Miami Beach financier finds one of his remaining holdings, 49%-owned Salem, a target at $17 per share. Recovering from a near-fatal abdominal aneurysm, Posner , 76, won't sell his stake to Harbour Investment Group in St. Louis.
The board of Pittsburgh-based Salem--a profitable maker of heavy equipment--is pondering Harbour's offer and is expected to respond by Nov. 15. Posner says he may use his still-considerable fortune to take Salem private, buying the other 51%. Salem closed at 16 7/8 on Nov. 9.
A court order prohibits Posner from controlling public companies. Court rulings have forced Posner, whom disgruntled shareholders have complained mismanaged many of his holdings, to sell off a large portion of his huge empire.