Word: burroughses
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Dates: during 1980-1989
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In a sense Gerald Probst, the chairman of Sperry, was like a general on the wrong side of a surrender ceremony as he sat with Burroughs Chairman W. Michael Blumenthal last week at a press conference in Manhattan's St. Regis Hotel. For a year Probst had resisted a determined...
Other experts see a disastrous pitfall in the incompatibility of the Burroughs and Sperry computer systems. Their main products speak entirely different languages. Declares Joseph Levy, senior vice president of the research firm International Data Corp.: "It's like trying to run a gasoline engine on diesel fuel. Unless they...
Last week Burroughs made a fresh merger proposal, offering $4.1 billion in cash and stock, and once again Sperry's board of directors refused to respond. Burroughs became impatient after two days and took its $70-a-share pitch directly to Sperry stockholders, thus escalating the offer to a hostile...
Sperry, started in 1933 as a maker of navigational equipment, treasures its independence. But going it alone could become increasingly difficult because of heated competition from Japan and an industry-wide slump in sales. Burroughs, facing the same problems, thinks the merger would allow the two companies to cut expenses...
The 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...