Word: bendix
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
Showdown time for Bendix...
...matchup is reminiscent of the classic Old West confrontation between a brash young gunslinger and the grizzled veteran with a dozen notches on his gun. William Agee, 44, the Harvard Business School whiz kid who heads the Bendix Corp., is facing a showdown with Harry Gray, 62, the seasoned hustler who began his career selling Dodge trucks for a Chicago dealership and went on to become a renowned conglomerate builder as chairman of United Technologies Corp. In the newest twist in a complex takeover struggle, United Technologies announced last week that it was joining forces with Martin Marietta Corp...
...Bendix, a diversified manufacturer of auto and aerospace parts, machine tools and other industrial products, started the Shootout three weeks ago by making an offer of about $1.5 billion to buy Martin Marietta, an aerospace firm that also makes chemicals and building materials. Martin Marietta not only rejected the offer, but quickly responded with a counterbid to buy Bendix for some $1.5 billion. At about the same time, Martin Marietta began secret negotiations with United Technologies, which had been rumored to be interested in acquiring Bendix...
...marathon meeting between Harry Gray and Thomas Pownall, president of Martin Marietta, on the afternoon and evening of Sept. 2 at the offices of United's New York City lawyers. With a handshake shortly before midnight, the two executives agreed that both their companies would offer to buy Bendix for approximately $1.5 billion. If a majority of Bendix shareholders sold out to either of them, the winner would assume control of Bendix, and then the two firms would carve up the captured company. The details have not been worked out, but United would probably take Bendix's automotive...
Agee was caught off guard. Says a top executive of a company that buys Bendix products: "I think that Agee is in over his head. When he makes a move, he doesn't take into consideration what someone else might do." Bendix's immediate response was to raise its offer for Martin Marietta to about $1.6 billion. Agee also tried to get in touch with Martin Marietta officials to propose calling off the whole game with a "mutally agreed withdrawal." Martin Marietta was not interested...