Word: compaq
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Dates: during 1990-1999
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There have been rumors for weeks that growth-obsessed Compaq was stalking Gateway. Compaq CEO Eckhard Pfeiffer has said he wants to more than double his company's revenues, to $40 billion, by the end of the decade. Compaq, an outstanding performer in a difficult-to-manage industry, amassed $4 billion in cash at the end of 1996 so Pfeiffer could go shopping. Earlier this year he talked with Micron Technology about buying its mail-order computer company, Micron Electronics. No sale...
...price of independence is climbing. What better evidence than the ponytailed Ted Waitt, founder and 46% owner of South Dakota's mail-order computer retailer Gateway 2000? Waitt, 34, the son of a fourth-generation cattle broker, has just walked away from a monumental deal with Compaq Computer that would have left him with a personal fortune of more than $3 billion. No, he did not get kicked in the head...
...hide but whose burgeoning revenues are 100% filet mignon. Few know or even suspect just how close Pfeiffer came. The contracts were ready, and Waitt had the proverbial pen in hand before he evidently had a cathartic flash and rejected a nearly $7 billion takeover by Compaq. Gateway's current market value is $4.8 billion...
...public relations firm, New York City-based Hill & Knowlton, had begun preparing a press release. Waitt had even dispatched a courier to foreign offices to deliver the news to key executives. But ultimately Waitt couldn't sign on the dotted line. The deal appears to have fallen apart when Compaq started to project some corporate muscle, as in, "You work for us now." Waitt bristled at his executives' being treated as subordinates, not equals. Both Compaq and Gateway declined to comment. But a source close to Waitt says, "Anyone who really knows Ted Waitt knows that there are things more...
...business is upgrade mania, as corporations "retire" machines in favor of the latest, greatest technology. "I'm a great advocate of Microsoft and Intel," Kushner says. "I love every product introduction." Kushner's only problem: his idea may be too good. PC leviathans Compaq and Packard Bell are rushing new $1,000 PCs to market. But Kushner may have an edge, at least among buyers who'd prefer a used Porsche to a new Nova...