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MacAndrews & Forbes: Difference between revisions
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'''MacAndrews & Forbes Incorporated''' is an American [[Conglomerate (company)|diversified holding company]] wholly owned by billionaire [[investor]] [[Ronald Perelman]].<ref name="insider">{{cite news |last1=Perino |first1=Marissa |title=The 25 richest people in New York, ranked |url=https://www.businessinsider.com/richest-people-in-new-york-ranked-2019-4#9-ronald-perelman-17 |agency=[[Business Insider]] |date=April 15, 2019}}</ref> | '''MacAndrews & Forbes Incorporated''' is an American [[Conglomerate (company)|diversified holding company]] wholly owned by billionaire [[investor]] [[Ronald Perelman]].<ref name="insider">{{cite news |last1=Perino |first1=Marissa |title=The 25 richest people in New York, ranked |url=https://www.businessinsider.com/richest-people-in-new-york-ranked-2019-4#9-ronald-perelman-17 |agency=[[Business Insider]] |date=April 15, 2019}}</ref> | ||
Current investments include leading participants across a wide range of industries, from cosmetics and entertainment to biotechnology and military equipment. The principal interests of MacAndrews & Forbes include [[AM General]],<ref name="Reuters">{{cite news |last1=Stempel |first1=Jonathan |title=Humvee maker sues Activision over 'Call of Duty' |url=https://www.reuters.com/article/us-activision-amgeneral/humvee-maker-sues-activision-over-call-of-duty-idUSKBN1D828F |work= | Current investments include leading participants across a wide range of industries, from cosmetics and entertainment to biotechnology and military equipment. The principal interests of MacAndrews & Forbes include [[AM General]],<ref name="Reuters">{{cite news |last1=Stempel |first1=Jonathan |title=Humvee maker sues Activision over 'Call of Duty' |url=https://www.reuters.com/article/us-activision-amgeneral/humvee-maker-sues-activision-over-call-of-duty-idUSKBN1D828F |work=Reuters |date=November 8, 2017}}</ref> Harland Clarke,<ref name="bj">{{cite news |last1=Ducey |first1=Karen |title=Harland Clarke holding company gets new CEO |url=https://www.bizjournals.com/sanantonio/news/2018/12/19/harland-clarke-holding-company-gets-new-ceo.html |agency=[[American City Business Journals]] |newspaper=San Antonio Business Journal}}</ref> [[Merisant]], [[RetailMeNot]],<ref>{{cite news |last1=Wistrom |first1=Brent |title=The Top Austin Tech and Startup Hires of January 2019 |url=https://www.americaninno.com/austin/inno-news/the-top-austin-tech-and-startup-hires-of-january-2019/ |agency=Austin Inno |publisher=American City Business Journals |date=February 5, 2019}}</ref> [[Revlon]], [[Scantron Corporation|Scantron]], [[Scientific Games Corporation]], [[SIGA Technologies]], [[Valassis]] and vTv Therapeutics.<ref>{{cite web |last1=Messenger |first1=Kelly |title=Head to Head Comparison: vTv Therapeutics (VTVT) & Moleculin Biotech (MBRX) |url=https://rocklandregister.com/2019/05/19/head-to-head-analysis-vtv-therapeutics-vtvt-versus-moleculin-biotech-mbrx.html |access-date=May 19, 2019}}</ref> | ||
==History== | ==History== | ||
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In 1983, Perelman formed MacAndrews & Forbes Holdings, Inc. Perelman started selling bonds to acquire the remaining 66% stake in MacAndrews & Forbes Group Inc. to take MacAndrews & Forbes Group Inc. private. | In 1983, Perelman formed MacAndrews & Forbes Holdings, Inc. Perelman started selling bonds to acquire the remaining 66% stake in MacAndrews & Forbes Group Inc. to take MacAndrews & Forbes Group Inc. private. | ||
Also in 1983, MacAndrews acquired [[Technicolor|Technicolor Inc.]]<ref>{{cite news|title=British Concern Agrees to Buy Technicolor Inc. : Carlton to Pay About $780 Million for the Movie-Film Processor|url=https://www.latimes.com/archives/la-xpm-1988-09-10-fi-1543-story.html|author=Al Delugach|newspaper= | Also in 1983, MacAndrews acquired [[Technicolor|Technicolor Inc.]]<ref>{{cite news|title=British Concern Agrees to Buy Technicolor Inc. : Carlton to Pay About $780 Million for the Movie-Film Processor|url=https://www.latimes.com/archives/la-xpm-1988-09-10-fi-1543-story.html|author=Al Delugach|newspaper=Los Angeles Times|date=September 10, 1988|access-date=November 20, 2017}}</ref> Despite the bond debt, in 1984, MacAndrews & Forbes purchased Consolidated Cigar Holdings Ltd. from [[Gulf+Western|Gulf & Western Industries]], in addition to Video Corporation of America.<ref name="fu"/> The [[Technicolor|Technicolor Inc.]] divisions were sold off and, in 1988, its core business was sold to [[Carlton Communications]] for 6.5 times the purchase price. Using the proceeds from the Technicolor division sell off, MacAndrews & Forbes purchased a 20 percent stake in Compact Video Inc., a television and film syndication company. Ronald Perelman's controlling buyout of [[Compact Video]] was in 1986. | ||
In 1989, Perelman acquired New World Entertainment, with David Charnay's [[Four Star International|Four Star Television]] becoming a unit of [[Ronald Perelman]]'s [[Compact Video]], later that year. | In 1989, Perelman acquired New World Entertainment, with David Charnay's [[Four Star International|Four Star Television]] becoming a unit of [[Ronald Perelman]]'s [[Compact Video]], later that year. | ||
Ownership of Compact Video Inc. was increased to 40% in 1989 after the buyout of [[Four Star Television|Four Star International]].<ref>{{Cite news|url=https://www.latimes.com/archives/la-xpm-1987-12-22-fi-30461-story.html|title=Reasons Emerge for the Liquidation of Compact Video|last=CROUCH|first=GREGORY|date=1987-12-22|newspaper=Los Angeles Times|access-date=2016-10-04}}</ref><ref name="Ron Perelman's Sale of Four Star">{{cite news |url=https://www.latimes.com/archives/la-xpm-1996-07-18-fi-25297-story.html|title=Perelman's Not Out of the Game Just Yet|newspaper= | Ownership of Compact Video Inc. was increased to 40% in 1989 after the buyout of [[Four Star Television|Four Star International]].<ref>{{Cite news|url=https://www.latimes.com/archives/la-xpm-1987-12-22-fi-30461-story.html|title=Reasons Emerge for the Liquidation of Compact Video|last=CROUCH|first=GREGORY|date=1987-12-22|newspaper=Los Angeles Times|access-date=2016-10-04}}</ref><ref name="Ron Perelman's Sale of Four Star">{{cite news |url=https://www.latimes.com/archives/la-xpm-1996-07-18-fi-25297-story.html|title=Perelman's Not Out of the Game Just Yet|newspaper=Los Angeles Times|date=July 18, 1996 |access-date=November 15, 2017}}</ref><ref name="fundinguniverse">{{cite web|title=MacAndrews & Forbes Holdings Inc.|url=http://www.fundinguniverse.com/company-histories/MacAndrews-amp;-Forbes-Holdings-Inc-Company-History.html|website=Funding Universe|access-date=May 16, 2008}}</ref> It was purchased through a [[golden parachute]] deal that was negotiated with [[Four Star Television|David Charnay's Acquisition]] and [[Ronald Perelman]] after Charnay was notified of stock purchases made by Perelman in 1989. In 1989, Perelman also acquired [[New World Pictures|New World Entertainment]] with Four Star becoming a division of New World as part of the transaction. | ||
After [[Compact Video|Compact]] shut down, its remaining assets, including [[Four Star International]], were folded into MacAndrews & Forbes.<ref>{{Cite news|url=http://www.thedp.com/article/1995/01/perelman_man_behind_the_paln |title=Perelman: Man behind the plan|last=Fineman|first=Josh|date=1995-01-26|newspaper=[[The Daily Pennsylvanian]]|access-date=2017-11-20}}</ref> | After [[Compact Video|Compact]] shut down, its remaining assets, including [[Four Star International]], were folded into MacAndrews & Forbes.<ref>{{Cite news|url=http://www.thedp.com/article/1995/01/perelman_man_behind_the_paln |title=Perelman: Man behind the plan|last=Fineman|first=Josh|date=1995-01-26|newspaper=[[The Daily Pennsylvanian]]|access-date=2017-11-20}}</ref> | ||
By the end of 1989, MacAndrews refinanced the holding companies' [[High-yield debt|junk bonds]] for standard bank loans. The bulk of [[New World Pictures|New World's]] film and home video holdings were sold in January 1990 to Trans-Atlantic Pictures, a newly formed production company founded by a consortium of former New World executives.<ref>{{cite news|title=New World Deal|url=https://www.latimes.com/archives/la-xpm-1990-01-04-fi-411-story.html|newspaper=Los Angeles Times|date=January 4, 1990|access-date=May 27, 2014}}</ref> | By the end of 1989, MacAndrews refinanced the holding companies' [[High-yield debt|junk bonds]] for standard bank loans. The bulk of [[New World Pictures|New World's]] film and home video holdings were sold in January 1990 to Trans-Atlantic Pictures, a newly formed production company founded by a consortium of former New World executives.<ref>{{cite news|title=New World Deal|url=https://www.latimes.com/archives/la-xpm-1990-01-04-fi-411-story.html|newspaper=Los Angeles Times|date=January 4, 1990|access-date=May 27, 2014}}</ref> | ||
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MacAndrews next purchased [[Pantry Pride]] Inc., in June 1985. Its three retail supermarket chains were sold off within months.<ref name="fu"/> | MacAndrews next purchased [[Pantry Pride]] Inc., in June 1985. Its three retail supermarket chains were sold off within months.<ref name="fu"/> | ||
In 1985, Perelman also took on his biggest deal yet: The [[Revlon|Revlon Corporation]]. Financed with over $700 million in [[High-yield debt|junk bonds]] from [[Michael Milken|Michael Milken's]] firm, [[Drexel Burnham Lambert]], Pantry Pride Inc. offered to buy any or all of Revlon's 38.2 million outstanding shares for $47.5 per share when its street price stood at $45 per share. Initially rejected, Perelman repeatedly raised his offer until it reached $53 per share, while fighting Revlon's management every step of the way. [[Forstmann Little & Company]] swooped in and offered $56 per share. A brief public bidding war ensued, and Perelman triumphed with an offer of $58 per share. As a result, Perelman paid $1.8 billion to Revlon's shareholders, but he also paid $900 million in other costs associated with the purchase.<ref name="2.7Billion">{{cite news |first=Richard |last=Stevenson |title=Pantry Pride Control of Revlon Board Seen Near |newspaper= | In 1985, Perelman also took on his biggest deal yet: The [[Revlon|Revlon Corporation]]. Financed with over $700 million in [[High-yield debt|junk bonds]] from [[Michael Milken|Michael Milken's]] firm, [[Drexel Burnham Lambert]], Pantry Pride Inc. offered to buy any or all of Revlon's 38.2 million outstanding shares for $47.5 per share when its street price stood at $45 per share. Initially rejected, Perelman repeatedly raised his offer until it reached $53 per share, while fighting Revlon's management every step of the way. [[Forstmann Little & Company]] swooped in and offered $56 per share. A brief public bidding war ensued, and Perelman triumphed with an offer of $58 per share. As a result, Perelman paid $1.8 billion to Revlon's shareholders, but he also paid $900 million in other costs associated with the purchase.<ref name="2.7Billion">{{cite news |first=Richard |last=Stevenson |title=Pantry Pride Control of Revlon Board Seen Near |newspaper=The New York Times|page=D5 |date=1985-11-05 |url=https://www.nytimes.com/1985/11/05/business/pantry-pride-control-of-revlon-board-seen-near.html |access-date=February 25, 2014}}</ref> | ||
After the acquisition, Perelman had Revlon sell four of its divisions: Two were sold for $1 billion, the Vision Care division was sold for $574 million, and, in 1988, the National Health Laboratories division became a publicly owned corporation. Additional makeup lines were purchased for Revlon: [[Max Factor]] in 1987 and Betrix in 1989 (they were later sold to [[Procter & Gamble]], in 1991).<ref name="fu"/> Despite Perelman's regular cleansing of upper management<ref name="PossibleBuyout">{{cite news |first=Ann |last=Hagedom |title=Possible Revlon Buyout May Be Sign Of a Bigger Perelman Move in Works |newspaper=Wall Street Journal |page=1 |date=1987-03-09<!--|accessdate=May 16, 2007-->}}</ref> and injecting millions of dollars into the company,<ref name="PerilsPerelman">{{cite journal | author=Atlas, Riva| title=The Perils of Perelman| journal=Institutional Investor| year=2000| volume=34| issue=3| page=54}}</ref> Revlon was unable to turn a profit for several years. As of the first quarter of 2007, it had had one profitable quarter in the previous 32.<ref name="RevlonProfits">{{Cite web|url=http://findarticles.com/p/articles/mi_m0EIN/is_2005_March_8/ai_n11853855 |title=Revlon Reports First Profitable Quarter in Six Years; Fourth Quarter and Full Year 2004 Results in Line with Expectations |access-date=February 7, 2007 |publisher=Business Wire |year=2005 |author=Gale Group |url-status=dead |archive-url=https://web.archive.org/web/20170809160827/http://findarticles.com/p/articles/mi_m0EIN/is_2005_March_8/ai_n11853855 |archive-date=August 9, 2017 }}</ref> | After the acquisition, Perelman had Revlon sell four of its divisions: Two were sold for $1 billion, the Vision Care division was sold for $574 million, and, in 1988, the National Health Laboratories division became a publicly owned corporation. Additional makeup lines were purchased for Revlon: [[Max Factor]] in 1987 and Betrix in 1989 (they were later sold to [[Procter & Gamble]], in 1991).<ref name="fu"/> Despite Perelman's regular cleansing of upper management<ref name="PossibleBuyout">{{cite news |first=Ann |last=Hagedom |title=Possible Revlon Buyout May Be Sign Of a Bigger Perelman Move in Works |newspaper=Wall Street Journal |page=1 |date=1987-03-09<!--|accessdate=May 16, 2007-->}}</ref> and injecting millions of dollars into the company,<ref name="PerilsPerelman">{{cite journal | author=Atlas, Riva| title=The Perils of Perelman| journal=Institutional Investor| year=2000| volume=34| issue=3| page=54}}</ref> Revlon was unable to turn a profit for several years. As of the first quarter of 2007, it had had one profitable quarter in the previous 32.<ref name="RevlonProfits">{{Cite web|url=http://findarticles.com/p/articles/mi_m0EIN/is_2005_March_8/ai_n11853855 |title=Revlon Reports First Profitable Quarter in Six Years; Fourth Quarter and Full Year 2004 Results in Line with Expectations |access-date=February 7, 2007 |publisher=Business Wire |year=2005 |author=Gale Group |url-status=dead |archive-url=https://web.archive.org/web/20170809160827/http://findarticles.com/p/articles/mi_m0EIN/is_2005_March_8/ai_n11853855 |archive-date=August 9, 2017 }}</ref> | ||
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*Faneuil, Inc. | *Faneuil, Inc. | ||
*[[M&F Worldwide]] (MFW) | *[[M&F Worldwide]] (MFW) | ||
Harland Clarke Holdings Corp. | |||
*[[Harland Clarke]] Corp. – formerly Clarke American Corp. | |||
Checks in the Mail | |||
*Harland Financial Solutions | |||
*[[Valassis|Valassis Communications]] | |||
[[Clipper Magazine]] | |||
Total Loyalty Solutions<ref>{{cite web|url=http://www.valassis.com/clipper-magazine-printed-deals.aspx|title=Careers|website=www.valassis.com|access-date=September 18, 2017|archive-url=https://web.archive.org/web/20160623214120/http://www.valassis.com/clipper-magazine-printed-deals.aspx|archive-date=June 23, 2016|url-status=dead}}</ref> | |||
*[[Scantron Corporation]]<ref>{{cite web|url=http://www.harlandclarke.com/media/press/current/u5|title=HC Insight Archive - Harland Clarke|website=www.harlandclarke.com|access-date=September 18, 2017}}</ref> | |||
Flavors Holdings | |||
Flavors Holdings | |||
*Mafco (descendant of the original MacAndrews & Forbes licorice business) | |||
*[[Merisant]] | |||
*Revlon Group, Inc. | *Revlon Group, Inc. | ||
[[Revlon]], Inc. | |||
*[[Scientific Games Corporation]] | *[[Scientific Games Corporation]] | ||
*[[SIGA Technologies]] Inc | *[[SIGA Technologies]] Inc | ||
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===Former=== | ===Former=== | ||
*[[AlliedBarton]] | *[[AlliedBarton]] | ||
[[AM General]] | |||
*Andrews Group, Inc. (formerly Compact Video Inc.) | *Andrews Group, Inc. (formerly Compact Video Inc.) | ||
[[Marvel Entertainment|Marvel Entertainment Group, Inc.]] | |||
[[Fleer]] | |||
[[SkyBox International|SkyBox]] | |||
[[ToyBiz]] | |||
[[New World Communications]] Group | |||
*[[New World Pictures|New World Entertainment]] | |||
*[[SCI Television]] | |||
*Genesis Entertainment | |||
*[[Guthy-Renker|Guthy-Renker Corporation]] | |||
*First Gibraltar Bank | *First Gibraltar Bank | ||
*[[Golden State Bancorp]] | *[[Golden State Bancorp]] | ||
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*[[Technicolor]], Inc. | *[[Technicolor]], Inc. | ||
*Meridian Sports Holdings | *Meridian Sports Holdings | ||
[[Coleman Company]], Inc. | |||
[[Boston Whaler]] Inc. | |||
[[MasterCraft]] | |||
Skeeter Boats | |||
O'Brien International Water Sports Equip | |||
Soniform, Inc. Scuba Diving Equipment Mfg. | |||
*Mafco Holdings, Inc. | *Mafco Holdings, Inc. | ||
Consolidated Cigar Holdings Inc. (2nd Time) | |||
*Mafco Consolidated Group | *Mafco Consolidated Group | ||
Abex | |||
* [[RetailMeNot]] | * [[RetailMeNot]] | ||