Word: mergers
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Dates: during 1960-1969
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...plane-making Aero Commander division. When Willard Jr. read of North American's plans in the press last September, he invited Atwood to Pittsburgh for talks, met him again a few weeks later on a TIME-sponsored tour through Eastern Europe with other businessmen. Many of the merger details were worked out during a limousine ride through Rumania...
...late November, the Douglas board of directors knew that only a merger would save the firm. At Douglas' request, Stanley Osborne, a partner in the Wall Street investment banking house of Lazard Frères, began shopping for bids. Well-heeled McDonnell Co. offered the most cash?an immediate $69 million for authorized but unissued Douglas stock. It had already snapped up 300,000 shares of Douglas stock at depressed prices, a move that made it Douglas' largest stockholder...
...airlock's safe, two-gas atmosphere. Now that Douglas and McDonnell can plan and build that equipment together, the job should become not only easier but more profitable?and the cross-pollination of ideas between two sets of engineers may lead to new and more advanced projects. "Once our merger goes through," says Mr. Mac proudly, "we'll be big enough to take on any space project that comes along...
Fearing that the smoking-and-cancer scare may be hazardous to their fiscal health, cigarette makers have long been hedging their futures by tracking down merger opportunities. Lately, the trail has led to the package store. Liggett & Myers last year took over the U.S. importer of J & B Scotch whisky. American Tobacco bought nearly all of Chicago's James B. Beam Distilling Co. last fall, and will soon purchase control of the Buckingham Corp., importer of Cutty Sark Scotch. When its turn came, P. Lorillard Co. decided to try a little tippling...
Still robust and ever stabbing the air with his long cigars, Rosenstiel only last August gave up the presidency to Scots-born John Mackie, 55. Schenley-Lorillard merger terms and management details still have to be approved by directors and stockholders, but Rosenstiel at last seems ready to end his rambunctious reign. "He screams at you one minute," recalls one former Schenley staffer, "and then loves you the next." Schenley survivors may respond readily to some steady Yellen...