White made a hostile takeover. Stock prices were down, and MM had considerable assets. White bought enough cheap stock to gain control and stole MM blind. At that time the employee pension fund was considered an MM asset that was immediately liquidated by White to get the cash to buy up enough stock to "own" the company. MM was widely diversified in construction equipment and agriculture, and maybe was still the parent company of Minneapolis Steel (structural steel for bridges and tall buildings). They were asset rich, but ripe for takeover by predatory stock manipulation.
White had previously taken over Oliver and Cockshut, but I am not familiar with the details of how that happened.
Paul in MN