Word: bendix
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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 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...