|Harris A. Neil Jr. yearbook|
picture 1952, Michigan State
Letter to Maybelline Co. Employees from Tom Lyle Williams Jr., dated October 6, 1967
Plough was quickly and shrewdly chosen as the suitor: They offered a minimum of $100M and there was a period of grace, whereupon the stock would float, then a specific day, which was 2/28/68 that the Plough stock price would be "pegged" for the official exchange. On 2/28/68 the price of Plough had rallied so dramatically that the effectual buyout of the Maybelline company was now $132.3M! Yes, it was leverage that caused this! Demand plus fewer shares caused a stock breakout, which is a scenario seen on Wall Street each day.
$132,000,000 of 1967 dollars would be worth: $923,076,923.08 in 2013
Stay tuned tomorrow as the drama unfolds in letters from Abe Plough to his new employees at Maybelline.