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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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time
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011689
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01168900.009
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1990-09-17
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BUSINESS, Page 47Business NotesTAKEOVER DEFENSESBut What About Elsie?
Corporate raids have inspired such colorful defensive tactics
as the Pac-Man counterattack and the poison pill. Now the managers
at Borden, the food and consumer-products giant, have created a
novel repellent they call a "people pill." Borden said last week
that its top 25 officers have agreed to resign en masse during any
takeover attempt if they believe stockholders are getting less than
a fair price or if any executives are fired or demoted.
Borden has no bidders now, but last year's food-industry
takeovers worried its managers. Chairman Romeo Ventres, who dreamed
up the strategy in a sauna, said it might make raiders "think
twice." But bidders might be less interested in Borden's bosses
than in its brand names (Cracker Jack, Wise potato chips). And
Elsie the cow, who appears on Borden's milk cartons, would
certainly not stray.