Word: mergers
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Dates: during 1980-1989
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...height, the contest was an unseemly spectacle of "cannibals gorging on one another," in the apt metaphor of Television Commentator Bill Moyers. Last week it ended with a whimper. In meetings at Southfield, Mich., and Morristown, N.J., shareholders of Bendix Corp. and Allied Corp. formally approved the merger of their companies. There was scarcely any dissent, but there was some sober reminiscing. Allied Chairman Edward L. Hennessy Jr., 54, said of the torturous maneuvering leading to the $2.3 billion deal: "It was a pretty sorry spectacle that gave American business a black...
Hennessy is a man who ought to know. Allied played the role of "white knight" in the merger mess, which was stirred up last summer when Bendix Chairman William M. Agee, 45, made a surprise tender offer for the shares of MX missile contractor Martin Marietta. But Martin Marietta turned the tables on Agee. The company promptly retaliated by trying to buy Bendix, and the result was a corporate donnybrook in which the two companies acquired huge chunks of each other and made headlines in the process. Finally Allied was called in by Bendix to buy Bendix stock and save...
...largest white knight merger of all was Du Pont's purchase of Conoco in September 1981 for $7.4 billion, against hostile bids by Mobil and Seagram. Conoco has turned into Du Pont's most profitable division; its performance blocked Du Pont's earnings last year from being even lower than they were. But the recession has weighed heavily on the chemical giant, making the huge debt from the Conoco purchase harder to carry, and forcing the company to omit its customary extra year-end dividend. To save money, Du Pont executives have announced plans to close Conoco...
...Boston Herald American was dying, it seemed, even before it was born. Founded in June 1972 as the merger of a played-out Hearst tabloid, the Record American, with a once elegant Brahmin broadsheet that had gone broke, the Herald Traveler, the fledgling paper lost more than $35 million in its first decade. Its circulation, 238,000 as of last week, was less than half that of the rival Boston Globe (circ. 510,000), which runs away with four times the advertising linage. Thus almost no one in Boston was surprised when the Hearst Corp. announced that the Herald American...
Harvard's merger with Radcliffe added another dimension to Straus Cup competition three Houses located apart from the rest of the undergraduate residences. For the Quad Houses, intramural competition afforded the opportunity to establish themselves...