Saul P. Steinberg, a famous financier and corporate raider, has died at the age of 73.
Steinberg’s son, Jonathan, confirmed the financier passed away in his sleep at his home in Manhattan, though he did not say what caused his father’s death, reports The New York Times.
Steinberg was born the son of a rubber manufacturer and was ambitious even when he was growing up. He founded the Leasco Data Processing Equipment Corporation in 1961 at the age of 22. The company went public in 1965 and stock soared.
The resulting money and confidence Steinberg received helped him make a successful takeover bid for Reliance Insurance Company of Philadelphia, which was 150 years old at the time. Steinberg soon set his eyes on an even higher prize — Chemical Bank. Leasco began buying stock, but was unsuccessful in the takeover bid, notes Reuters.
While Saul Steinberg, who died on Friday, attempted several more takeovers, including one of the Walt Disney Company. While he did not succeed in the attempt, he forced the company to buy back his shares at a premium price, earning back tens of millions of dollars.
Steinberg’s death may not come as a surprise to the business community, considering he has suffered from health issues since a stroke in 1995. One of his last transactions may be considered a symbolic handing-over of the dealmaking throne. Steinberg sold his massive apartment in New York’s exclusive Park Avenue to Steven Schwarzman, co-founder and CEO of Blackstone, for a reported $37 million.
Steinberg was also a prolific art collector and a major donor to the Wharton School of the University of Pennsylvania, where he graduated from in 1939. He also served as the chairman of Wharton’s board of overseers.
Saul P. Steinberg’s death causes him to leave behind his wive and six children.