Word: mergers
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Dates: during 1960-1969
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...Interstate Commerce Commission last week agreed to a railroad merger that will have everything going for it except euphony. The commission, reversing its own antimerger order of 20 months ago, approved the creation of the Great Northern Pacific & Burlington Lines, Inc. The new road fuses the present Great Northern, the Northern Pacific and the Chicago, Burlington & Quincy along with smaller subsidiaries, including the Spokane, Portland & Seattle Railway and the Pacific Coast Railroad. With 24,600 miles of track stretching across more than a quarter of the nation, the G.N.P. & B. will be the U.S.'s longest railroad. Consolidated revenues...
Size and efficiency indeed were two elements that frightened the ICC when it first considered and turned down by a 6-to-5 vote a merger of lines that railroad men refer to as "The Northerns." The Government feared that the G.N.P. & B. would hurt competitors, notably the Milwaukee Road and the Chicago & North Western. Those two roads, which are also intent on merging, withdrew their opposition to the G.N.P. & B. after the Milwaukee was allowed access to such cities as Billings, Mont., and Portland, Ore. and to Canadian points that had all previously been terminals only of The Northerns...
...much resistance. It accordingly began casting about for a partner more to its liking (one brief suitor was General Dynamics). Finally, with a Manhattan brokerage house acting as catalyst, talks were set up in Denver with Signal President Forrest N. Shumway. The critical decision to negotiate toward merger came in October in a phone call between Allis-Chalmers Chairman Robert S. Stevenson and Shumway, who was attending a Notre Dame football game in South Bend, Ind. Signal's purchase price figures to be worth about $45 per share of Allis-Chalmers' common (last week's closing...
...Kentucky Baptist Convention policy, K.S.C. started the current school year on the verge of bankruptcy. Even severing its Convention ties did not help; a federal grant could not be obtained in time. The only alternative to receivership, said President Rollin S. Burhans, was to agree to a proposed merger with the University of Louisville...
...transfusion is needed if K.S.C. is to stay open for five more years. But the college's undaunted students have no doubt that they can raise the money. They are already planning another fund-raising project. As for the University of Louisville, which was beaten out of its merger, it is on a financial treadmill itself and is negotiating for a merger with the University of Kentucky...