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Article: BUYOUT SCENE PART OF BUSINESS.(BUSINESS)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- August 18, 1996
CopyrightCOPYRIGHT 1996 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JULIE CARR SMYTH Business writer
Some hostile takeover attempts are out of the blue.
Like the one Albank Financial Corp. Chairman Herbert G. Chorbajian fought off this spring, a hefty offer of stock and cash dropped on his desk one day by Trustco Bank Corp NY.
Others can be seen sneaking up.
Like the takeover of Mechanical Technology Inc. by First Albany Corp.'s George C. McNamee and his allies, who gradually bought up enough stock in the technology development and manufacturing company and garnered enough backing to vote millionaire insurance executive Albert W. Lawrence off the board.
Whichever way they come, though, ...