Word: mergers
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Dates: during 1960-1969
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Their decision to merge into a $2.7 billion-a-year telecommunications giant has brought International Telephone and Telegraph Corp. and the American Broadcasting Companies nothing but static. The Federal Communications Commission approved the merger last December, but only by a bitterly divided 4-to-3 margin that failed to silence objections from Congress and the Justice Department's Antitrust Division. As the clamor mounted, the FCC finally agreed in March to take another look...
...failed to change a single FCC member's mind. Last week, splitting along the same 4-to-3 lines as it had before, the commission reaffirmed its approval of the ITT-ABC get-together. In so doing, the FCC rejected the Antitrust Division's contentions that the merger might (1) restrain competition, (2) subject ABC's public affairs programming to unusual pressures from ITT's far-flung business interests, and (3) enable ITT to drain the network of capital that otherwise might go into broadcasting. Such fears, concluded the commission majority, "are too speculative or slight...
...union officers also could not understand why Harvard was not willing to accept the results of the December 7, 1966, merger vote as sign of the intent of the BGMA's membership, nor could they understand why Harvard was unwilling to hold its own election to select a bargaining agent for the BGMA...
...bitter exchange of public recriminations. Most often, the best defense is to reach for a friendlier hand. Battling a tender takeover by Texan Troy V. Post's Greatamerica Corp., an insurance-banking-airline combine, Cleveland's chemical and paint-making Glidden Co. last month hurriedly negotiated a merger with SCM Corp. On top of that, Glidden won a temporary court order blocking the tender, withdrawing that suit only after Greatamerica agreed to let Glidden buy back most of its own shares...
...Unable to do much about the freeze, Grossman began hacking away at the costly cobwebs the company inherited when it was formed nine years ago by a merger of two of Britain's oldest brewers. Streamlining Watney's chain of 6,650 company-owned pubs, he shut down those serving only 100 or so regular tipplers, opened new ones in more populous areas. Crossman has also converted many pubs into "Schooner Inns," which serve $1.40 steak dinners and sell a "terrific amount of liquor...