The following items are tagged offer-counteroffer.
In 1901, J.P. Morgan wanted to buy the Carnegie Steel Company from its founder, Andrew Carnegie.
Carnegie was 65 years old and considering retirement. As Harold C. Livesay recounts in his book Andrew Carnegie and the Rise of Big Business (Little, Brown, 1975), when Carnegie finally decided he was ready to sell, he jotted down his estimate of his company’s worth in pencil: $480 million. Carnegie had the sheet of paper delivered to Morgan, who took one look and said, “I accept this price.”
On April 9, the hearts of internet entrepreneurs everywhere must have skipped a beat at the news that Facebook was paying $1 billion in cash and stock to buy Instagram, a San Francisco-based start-up.
Less than two years old, Instagram offers mobile apps that allow users to add effects to their smartphone photos and share them with friends. Though the company has no revenue and employs only about a dozen people, it has experienced a meteoric rise and enjoys an “almost cult-life following,” according to the New York Times. Its 30 million users upload more than five million photos a day, though the app was only available on Apple devices recently.
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