Word: marietta
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...last Thursday, Martin Marietta, with 1981 sales of $3.3 billion, had acquired 46% of Bendix stock for some $900 million. But Bendix, with 1981 sales of $4.4 billion, had bought 70% of Marietta's shares for $1.2 billion. While Bendix and Marietta were scrapping, Allied Corp., a New Jersey-based conglomerate, with 1981 revenues of $6.4 billion, lumbered into the fray, offering in effect to take over both companies for $2.3 billion...
Finally, in a dramatic finale on Friday, the three combatants reached a truce. Allied would acquire Bendix for $1.9 billion, and Marietta would remain an independent company. If the deal goes through, the firms will have spent about $4 billion, much of it borrowed from banks, to buy and shuffle about one another's shares. Yet no one seems quite sure what good, if any, will result...
...boardroom saga began last month with a bid of some $1.5 billion by Bendix's ambitious chairman, William Agee, 44, to buy Martin Marietta and thereby acquire that firm's prestigious and profitable defense business. Stung by Agee's move, Marietta President Thomas Pownall, 60, launched a counteroffer of about $1.5 billion to buy Bendix instead. In addition, he persuaded United Technologies' chairman, Harry Gray, 62, who over the years had built his company into a $14 billion conglomerate with a string of successful takeover raids, to make a parallel bid for Bendix...
...cash hoard of $575 million over the past two years by selling off some of its less profitable businesses, mainly forest products, Chairman William Agee still had to arrange credit lines for another $1 billion from a consortium of banks to make his takeover bid. Cash-poor Martin Marietta was forced to borrow $892.5 million so that it could buy Bendix stock as a defensive measure. At a current borrowing rate of 14% or so, the two companies could have temporarily faced combined monthly interest charges exceeding $22 million...
Under Allied's takeover offer of $1.9 billion, some Bendix shareholders will emerge rich. Anyone who bought Bendix stock near its 1982 low of $45 per share could already have netted a windfall profit by selling out early to Martin Marietta at $75 per share. Before trading was halted last week, Bendix stock had fallen back to $57.50. Other shareholders, however, who wait to sell their stock to Allied, will be paid not in cash but in a combination of Allied stock and other securities, amounting to $85 per share. If the value of Allied stock now falls...