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...fastest-growing parts of the $100 billion desktop-computing industry. In an unprecedented step for Big Blue, Gerstner launched a hostile bid to acquire Lotus for $3.3 billion, or $60 a share, more than twice the price at which the stock had been trading. At the same time, IBM went to court to challenge a Lotus "poison pill" that would make a takeover prohibitively expensive and appealed to Lotus shareholders to oust the firm's board of directors. "Call this IBM unleashed," says Marc Schulman, president of Technology Strategies Group, a Connecticut firm that consults with computer companies. "The whole...
...IBM ever be cool? until last week, the evidence was slim. Yes, company chairman Louis Gerstner urged employees when he arrived two years ago to dispense with formality and send him their thoughts via E-mail. Then he instituted a dress-down policy and had IBM take out 50,000 subscriptions to Wired magazine, the chronicler of online culture. This year he paid for irreverent TV spots, including one showing one Czech nun telling another that IBM's OS/2 Warp software "sounds pretty...
...Corp. finally accepteda sweetened, $3.5 billion buyout offer from IBMlate Sunday, turning what would be the software industry's largest hostile takeover into its largest acquisition. "We don't care who pays our salary," one Lotus programmer told the Associated Press. "We just want more people using our software." IBM launched the hostile buyout of Boston-based Lotus last week, then negotiated slightly better terms, offering $3.52 billion, or $64 a share. TIME Boston bureau chief Sam Allis says the deal's biggest surprise lay in IBM's decision to retain Lotus chief executive Jim Manzi. "Everybody figured that...
...What we teach [at the Kennedy School] is not designed to be influenced by what happens in Washington," said roger B. Porter, IBM professor of business and government at the Kennedy School and a top aide to former President bush. "We teach how to be thoughtful and insightful policy makers, and that applies to both Democrats and Republicans...
...IBM plans to pay for the acquisition out of its $10 billion cash holdings and has started legal action to prevent Lotus directors from using a "poison pill" strategy to block the takeover...