Word: geneen
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...company-in disarmingly simple terms. "If you have all your eggs in one basket, you're stuck with those eggs," says Bluhdorn. "But if you've also got apples and bananas, that's something else." Following that formula, Bluhdorn, James Ling of Ling-Temco-Vought, Harold Geneen of ITT and several others have traced the tracks of such conglomerate pioneers as Litton and Textron across industry lines into movies and machinery, aircraft and auto parts, cigars, cybernetics and clothing. Along the way, the conglomerates have stirred up what the Federal Trade Commission calls the "sharpest merger activity...
...only one that lost money last year on network operations. ABC's president, Leonard H. Goldenson, thought he had the wherewithal last year, when ITT agreed to buy the network. But the Justice Department entered objections, stalled the deal to the point that ITT Chairman Harold S. Geneen finally backed out because the value of ITT stock had gone up so much in the meantime that his offer was too good. Goldenson has been looking for a savior ever since...
Chairman Harold S. Geneen describes his $2.8-billion International Telephone & Telegraph Corp. as a "unified-management, multiproduct company." On that principle, in 48 major acquisitions in the last nine years, ITT has acquired a hotel chain (Sheraton), a car-rental company (Avis), a book publisher (Bobbs-Merrill), a home-builder (Levitt & Sons, Inc.), a paper and chemical company (Rayonier, Inc.) and assorted other ventures. Something Geneen still does not have is a consumer foods company. Last week he moved to remedy that deficiency by announcing that ITT, in an exchange of stock valued at $280 million, will soon acquire Continental...
With ITT common shares selling for about $68 at the time, Geneen's original stock offer was worth some $365 million. At last week's closing of $113, the total would have been about $605 million. To guard against just that sort of altered circumstances, ITT and ABC had specified that either side could withdraw if the merger was still hanging fire by the end of 1967. On New Year's morning, Geneen accordingly summoned his board, 45 minutes later informed ABC that the deal...
Nonetheless, ABC greeted Geneen's news with what Vice President James C. Hagerty called "a sort of relief." After all, the ITT deal pretty much constrained the network from seeking other sources of help. Now free to maneuver, ABC may well issue new securities to raise the capital it needs. More likely, it will seek out new merger partners. Two possibilities: General Electric Co. and Litton Industries, both of which expressed interest in the network before ITT came on the scene...