Word: antitrusters
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...company into a $14 billion conglomerate with a string of successful takeover raids, to make a parallel bid for Bendix. The two men agreed that if either company gained control of Bendix, they would divide up Agee's firm between them. But United Technologies' involvement soon raised antitrust questions, and by last week Gray had ceased playing an active role...
...every announced merger is completed, however. Some 21% of them failed in 1981 because of antitrust objections or various corporate complications. When that happens the stock price usually plummets. Last week Wall Streeters speculated that the Ivan F. Boesky Corp. could be holding losses of $25 million to $50 million on Cities Service. Boesky was publicly unperturbed. Said he: "Since our firm is one of the largest arbitrage firms on Wall Street, our denominations are always large, whether a deal works...
...court orders changes in AT&T's antitrust settlement
...seven months, executives of American Telephone & Telegraph Co. (1981 revenues: $59.2 billion) have not dared pop open champagne bottles to celebrate the settlement of the Government's antitrust suit against the company. Reason: they have waited nervously for U.S. District Court Judge Harold Greene to end the case by signing a consent decree for the landmark agreement that AT&T and the Justice Department reached in January. Greene had won a reputation for pulling surprises in the eight-year-old case, and nothing could be set until he approved the deal. Last week the judge did it again, ruling...
Most analysts believe that the company and the Justice Department will agree to swallow Greene's changes. One possible question mark is the attitude of William Baxter, chief antitrust prosecutor, who would strongly prefer to keep the regulated operating companies from competing in unregulated areas like equipment marketing...