Word: mergers
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Dates: during 1980-1989
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Horner also ensured that Radcliffe would not die out. She cut what was called a "merger-non-merger" deal with Harvard, finalized in 1977. that let Radcliffe retain its endowment, fundraising and administrative autonomy while merging admissions. Horner fought to preserve Radcliffe in order to ensure that women had an advocate on campus...
...with the switchover in leadership at Radcliffe, it is also a good time to cut a lot of the red tape left by the semi-merger plan. It was illogical that plans for Quad repairs had to be delayed so they could pass through two bureacracies--Radcliffe's and Harvard's. And it is unfortunate that female admits to the College receive letters accepting them to Radcliffe, but not even mentioning Harvard...
...Thanks in part to the negotiating skills of TWA Chairman Carl Icahn, a settlement may be at hand in the epic legal battle between Texaco and Pennzoil. Since 1985 Texaco has been appealing a court order to pay Pennzoil $10.5 billion in damages as a result of a merger dispute. In April, Texaco filed for bankruptcy protection. Enter Icahn, who three weeks ago became Texaco's largest stockholder by boosting TWA's holdings to 12.3%. Icahn helped forge a deal between Pennzoil and a committee representing Texaco's shareholders to settle the conflict for $3 billion. Texaco's management blasted...
Because corporate clients making huge deals require wide-ranging expertise, competition has fueled a merger boom among firms. A large operation may acquire a "boutique firm" whose specialty it needs or absorb an established local operation to gain an instant foothold in another city. But as many as eight in ten mergers are illadvised, by the estimate of Houston Law Firm Consultant William Cobb. They can lead to a clash of egos among partners accustomed to independence, a ballooning of overhead costs or the mismatch of a loosely organized firm with a centrally operated...
That perception has propelled some passengers toward rival ticket counters. Texas Air has suffered three consecutive quarterly losses exceeding $200 million, is expected to lose an additional $50 million by year's end, and could fare far worse if a recession comes along. Lorenzo concedes that the merger of four major airlines has produced more lapses in service than he anticipated. Says he: "There is no sugar-coating. We did not do a good...