Word: bendixes
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...merger bid represents a career-end gamble for Blumenthal, 60, who earlier served as chairman of Bendix and as Treasury Secretary under President Carter. His determined advance convinced Wall Street that Sperry's days as an independent company are numbered. In just two days last week, speculators sent Sperry's stock price up $16.25, to $71.25. Some investors think Sperry will find a so-called white knight to deliver it from Blumenthal's clutches, but the company is running out of candidates. During the past year, Sperry is rumored to have held merger talks with ITT, General Dynamics...
...other hand, when executives confuse intuition with fantasy, the results can be disastrous. William Agee, the former chairman of Bendix, may have confused the two during his abortive 1982 campaign to take over Martin Marietta. Marietta later rejected Agee's offer, and Bendix was devoured by Allied Corp...
...Harry Gray at United Technologies and Harold Geneen at ITT. Geneen sent his former deputy a congratulatory telegram last week saying "Great work." During his tenure at Allied, Hennessy acquired nearly 35 companies. His most dramatic coup came after a long and nasty takeover battle: the 1982 purchase of Bendix, an aerospace and automotive-parts manufacturer...
...question raised after any merger is how will top executives of the new firm work together. When Allied took over Bendix, William Agee, the Bendix chairman, was named Allied president. Alonzo McDonald, Agee's deputy, remained president of the Bendix subsidiary. A few days after shareholders approved the merger, both men resigned. Shumway, though, points out that Hennessy, Dingman and he have long known one another and that the merger was a friendly one. Nonetheless, he does not rule out the possibility of dissension. Says he: "It's very tough to say whether we'll have serious conflicts, though...
Powerplay might be better subtitled Everybody in the World Against Me. Cunningham, for example, bitterly denounces Bendix Board Members Peter Peterson, former chairman of Lehman Brothers Kuhn Loeb, and Donald Rumsfeld, former Secretary of Defense, for trying to nudge her out. She quotes Rumsfeld as telling Agee, "All right. So you piddled on the floor. But you don't have to have your face wiped in it. She's got to go." Cunningham charges W. Michael Blumenthal, former Bendix chairman and Treasury Secretary under Jimmy Carter, with spreading malicious gossip. She writes that Blumenthal remarked to Bendix Board...