Word: merger
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Dates: during 1950-1959
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...weeks the auto industry has been alive with rumors of a merger between Studebaker and Packard so that the two independents could compete better against the Big Three. This week directors of the two companies scheduled a meeting in Manhattan to close the deal, tie up a few loose ends, and pick a boss for their hopeful new company...
Champion & Limousine. If the merger goes through, it will be the third for the auto industry in a little more than a year (the others: Kaiser-Willys, Nash-Hud-son). But it is a necessary step and a shrewd move for both. The two independents have steadily lost ground in 1954's red-hot auto race. Packard sales are down 53%, Studebaker's 55%; both lost money in the first quarter-$6,000,000 for Studebaker and $380,000 for Packard. By joining forces, they can put together a sales organization of some 3,900 dealers across...
Book v. Market. The merger will involve a straight stock transfer. Packard shareholders are expected to get one share in the new company for every five they own and Studebaker stockholders to get 12 shares in the combined company for every one of Studebaker stock. The exchange deal was based on the book value of the two stocks. Though Packard's total assets are only slightly less than Studebaker's, the per-share book value of its stock is far less because it has 14,491,000 shares compared to only 2,361,000 for Studebaker. Thus...
...successfully against the Big Three. Roaring along at full speed, the giants have pulled even farther ahead of the independ ents this year. General Motors now has 48% of the market, Ford 31%, Chrysler 15%-a total of 94%. Around Detroit last week, the talk is of still another merger eventually. This time auto experts believe it will be between Studebaker-Packard and the newly formed American Motors (Nash and Hudson...
...Corporation does pass on some matters other than the purely financial affairs. It has examined a proposed merger with Radcliffe, the Faculty's merger with the Faculty of Engineering, and the official calendar. But these proposals go to the Corporation because of the financial adjustments they require, as the Fellows' concern is with money and its distribution. And since the President is always present, the Administration is assured that its viewpoint will be considered. The Faculty and the Overseers will rarely see the full budget until it has been passed and published...