Word: mergers
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Dates: during 1970-1979
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Failures and mergers have been reducing the number of brokerage houses throughout the '70s. In 1972 there were 490 Big Board member firms dealing with the public; at the end of June there were 371. Employment of registered representatives, those commission agents who handle customers' orders, has dropped by more than 13% in the past six years. The merger wave is still rolling: Morgan Stanley & Co. Inc., the Rolls Royce of the industry, has an agreement in principle to merge with the small San Francisco firm of Shuman, Agnew & Co. Inc. in order to get salesmen who know...
...corporate activity that the stock market's sag has not discouraged is the big takeover. Quite the contrary: partly because share prices are low, the number of multimillion-dollar mergers is rising. W.T. Grimm, a Chicago firm of merger consultants, counts a somewhat lower total number of mergers and acquisitions so far in 1977 than a year ago, but in the first six months of this year it found 20 cases in which a company proposed to pay $100 million or more for control of another firm, as compared with twelve bids of that size in the same...
...Beech and General Dynamics Chairman David S. Lewis have been discussing merger prospects for some weeks. Though Olive Ann could come down with a case of wedding-day nerves once again, some veteran Olive Ann watchers believe that this time her merger intentions are for real. While still vigorous at 73, she is thought by many associates to be anxious to settle the future control of her company while she is still in active command. With some 20% of Beech's stock held by Olive Ann, her two daughters (who have no role in management) and a nephew, Frank...
Often a company looking for a merger is in some sort of trouble, but both Beech and General Dynamics are in strong shape. With military sales accounting for 55% of General Dynamics' total revenues ($2.5 billion last year), the firm is the nation's largest defense contractor. With nearly a decade of squabbles with the Pentagon regarding cost overruns on the F-111 fighter now behind it, General Dynamics' current multi-billion-dollar contract to produce 500 hot, single-engine F-16 interceptors for four NATO countries and the U.S. promises to keep earning income...
...also been paid retainers of $6,000 a year as Avis directors, plus expenses for them and their wives to travel to meetings in Europe. Fuqua contends that Avis, the only major car-rental firm that is not a subsidiary of a larger corporation, would be strengthened by the merger...