DEALS: Trump Meets His Match
Few of Wall Street's handicappers seriously expected TV Tycoon Merv Griffin to win when he challenged Manhattan Developer Donald Trump for control of Atlantic City's Resorts International hotel and casino. But last week Griffin surprised anyone who doubted his dealmaking acumen. Settling a month-long wrangle, Trump agreed to go along with Griffin's offer to buy the company's outstanding stock, including the developer's majority share, for an estimated $300 million. In exchange, Griffin will sell Resorts' nearly completed Taj Mahal hotel-casino, other real estate and its fleet of helicopters to Trump, assets that the developer says are primarily what he wanted. While both sides claimed success, Griffin clearly foiled Trump in his plan to fold the entire Resorts company into his casino empire.
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