Word: burroughses
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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...
With combined revenues of $10.7 billion, the new company, which has yet to be named, will easily pass Massachusetts-based Digital Equipment (1985 revenues: $7 billion), the current No. 2 computer maker. Blumenthal, 60, who will be chairman, said the Burroughs-Sperry combination hoped to slash costs and boost profits...
Burroughs first approached Sperry's board of directors last year, with a $65-a share offer. Sperry, which was trading at $55 a share, rejected the bid as inadequate, but became concerned that Blumenthal would try a hostile takeover. Probst reportedly talked with several other firms, including General Dynamics and...
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...
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...