Word: merger
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Dates: during 1980-1989
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Among current superintendent Lannon's achievements were the implementation of voluntary desegregation in 1975--all the city's schools now have minority populations of between 30 and 50 percent--and the merger of Rindge Technical and Cambridge High and Latin schools into one high school, Cambridge Rindge and Latin...
...Continental Illinois last week continued the efforts to find a buyer that it has been making since the $7.5 billion, Government-led rescue of the troubled bank. However, Chairman David Taylor conceded that some form of additional federal guarantee will probably be needed to persuade a prospective merger partner to come forward with an offer. Said Taylor: "We are working as hard as we can on a private solution, but that honestly looks as if it may not be feasible...
...further Government aid would be costly to Continental's shareholders. A federally assisted merger could mean the write-off of Continental's $2.3 billion in bad loans and a sharp drop in the value of its stock. Mindful of that possibility, investors last week continued dumping Continental shares, which stood at 25 just nine months ago. The stock dropped a total of 2⅝ last Wednesday and Thursday, to a record low of 5½, before closing the week...
Despite the merger activity, Taylor insists that Continental still hopes to remain independent. "That is our top priority," he said, "and we are aggressively pursuing that option." A bank task force nicknamed Operation Bootstrap has been devising strategies. One possibility: sell Continental's $2.3 billion in bad loans to investor groups and pump the cash back into the bank...
Just as the advertisements appeared on business pages announcing this latest megabuck merger, a congressional committee opened hearings on proposals by the Securities and Exchange Commission that would curb some of the wheeling and dealing that accompanies such corporate marriages. Colorado Democrat Timothy Wirth, chairman of the House Subcommittee on Telecommunications, Consumer Protection and Finance, is supporting the SEC recommendations. Says he: "The tactics and strategies used by both bidders and targets in recent years have raised questions about the adequacy of current laws to a ensure the fundamental fairness of the takeover process. In the heat of a contest...