Word: mergers
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Dates: during 1960-1969
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Papist Takeover. The shotgun wedding makes sound economic sense. Ireland is direly short of educational funds, and university enrollment during the next decade is expected to nearly double, from 15,911 to 27,000. The merger will end a costly duplicating of facilities. Ireland has no nuclear reactor, for example, because it could not in the past afford to build one at each university. Under the government's plan, both schools will keep their separate liberal arts faculties. Trinity is to be responsible for all work in biological sciences, law and medicine; University College will take over the physical...
Both universities accept the need for merger, if only reluctantly. Founded by Queen Elizabeth I in 1591, Trinity College has been one of the few centers of free, unfettered thought in Ireland. Its graduates include Jonathan Swift, Oliver Goldsmith, Edmund Burke, and Samuel Beckett. Faculty traditionalists fear that the school will lose its élan and its independence in the merger. There is also some Protestant concern about a "Papist takeover." It has been noted that Dublin's Archbishop John C. McQuaid still sends out an annual pastoral letter warning Catholics that attendance at Trinity is a mortal...
...dail (assembly), largely because the government pays two-thirds of the budgets of both schools. "Once the universities begin to accept the idea as a fait accompli," says Education Minister Brian Lenihan, "they will begin to concentrate on how better to make it work." The fact that the merger could be proposed at all, without creating a religious civil war, is an impressive measure of how far Ireland has come in burying its angry past...
Under terms of the merger, which must be approved by its stockholders, MCA will become a wholly owned subsidiary of Westinghouse. For MCA, one of the principal attractions of the $385 million stock-swap deal is Westinghouse's higher dividend. And nobody stands to benefit more than MCA's founder and chief stockholder, Chairman Jules Caesar Stein, 72, whose 27% stake in the company has a current market value of almost $90 million. By converting his MCA holdings to Westinghouse stock, Stein's annual dividend return would rise from $1,200,000 a year...
...delisted. To protect the individual investor, who accounts for about half the shares traded, the stock exchanges have moved to order that more and more corporate information be made available. The New York Stock Exchange's board of governors recently expanded its Timely Disclosure policy to provide that merger negotiations, if they are known to a few, must henceforth be disclosed to the many as well...