Word: bendix
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Dates: during 1980-1989
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...wave of takeovers that has so dominated Big Business for the past year continued last week when another major merger bid was announced and yet another accepted after weeks of careful negotiation. The Bendix Corp., a widely diversified auto components and industrial manufacturing corporation, announced that it will seek to acquire the Martin Marietta Corp., which has holdings in a broad range of fields from chemicals to aerospace, for about $1.5 billion in cash and stock. Meanwhile, Cities Service Co. reluctantly agreed to accept a takeover offer from Occidental Petroleum Corp. If that approximately $4 billion transaction is completed...
...Bendix bid for Martin Marietta Corp. came as no surprise to industry watchers. The stage for such a move was set nearly two years ago when Bendix Chairman William Agee began a major reorientation of the company's focus, shifting it away from its traditional lines of business and toward high technology. Agee sold off the firm's nonferrous metals, forest products and energy exploration divisions for a total of $800 million and began looking for a company to acquire with that enormous nest egg. Martin Marietta was considered a perfect takeover target. Says E.F. Hutton Analyst Frank...
...Bendix had already quietly bought about 4.5% of Martin Marietta stock over the past 3½ months. Last week it offered $43 a share in cash for 45% of the company's 35.6 million shares. The remainder would be acquired by a swap of Bendix stock at a ratio of .82 for each share of Martin Marietta, or the equivalent of about $43 a share. Martin Marietta described the bid as "unsolicited" and said that it would announce a decision early this week. Though a serious takeover fight is possible, Martin Marietta is more likely at first to turn...
Whatever the outcome of Bendix's pursuit of Martin Marietta, Agee has already received a warmer reception than he did when he made a similar move at RCA beginning late in 1981. Last March the company responded by issuing a statement charging that Agee had "not demonstrated the ability to manage his own affairs, let alone someone else's." That was a stinging reference to his much publicized involvement with Mary Cunningham, a onetime Bendix vice president who became Agee's wife last June. Bendix still owns 7.2% of RCA's stock, and company officials said...
MARRIED. William Agee, 44, chairman of Bendix Corp.; and Mary Cunningham, 30, vice president of Joseph E. Seagram & Sons and former vice president of Bendix, who quit that post after rumors credited her promotion to a romance with Agee; both for the second time; in San Francisco. Agee recently converted to Roman Catholicism, and Cunningham won an annulment of her first marriage...