Word: mergers
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Dates: during 1990-1999
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...public trashing by AT&T of outgoing president John Walters, TIME's Daniel Kadlec says the company's normally patient investors are growing restless. "CEO Bob Allen can't decide whether he's going to retire or stay. He can't decide on a successor. He has big merger plans (with Bell company SBC Communications), which the government won't let him carry out. Now he's coming out and saying, 'The guy I picked isn't smart enough for the job.' There's lots of room for investors to wonder whether this company will get back on track." Some...
There is broad agreement in Bedford that a merger would make sense. Services at the two hospitals overlap, and beds go empty. A study predicted that by 2001 Bedford will need only 65 beds, 95 fewer than it has now. "Those numbers are probably going to drive where we go with this whole thing," says John Birdzell, CEO of Bedford Regional. Dunn's CEO, Richard Hahn, does not disagree. "There's been a consensus that one hospital would be a good goal to strive for," he says. But over the past 15 years, four attempts to merge have failed when...
BALTIMORE: It's not suprising that the Federal Trade Commission is expected to approve the proposed $7.9 billion merger of Lockheed Martin, the number one U.S. contractor, with sixth-ranking Northrop Grumman, since the U.S. is taking the position in the post Cold War era that preserving critical technologies is more important than avoiding monopolies. Observes TIME's Mark Thompson: "The argument here is that fewer efficient companies are better than more inefficient ones." Besides, when was efficiency ever an issue in the defense industry? While such a deal in any other sector would spark worries about concentration of market...
Forget all this stuff about global telephone wars, deregulation and anticompetitiveness. Policy wonks can ponder such issues all they want in view of the possible $50 billion merger of long-distance king AT&T with regional phone operator SBC Communications. Investors need consider only one thing to conclude that the deal is a loser: break-ups almost always are more valuable than megamergers, and AT&T's own history provides a storehouse of evidence. That this deal is even on the drawing board is more confounding than Dennis Rodman...
...companies between 1965 and 1990, on average, rose 76%, vs. a market average of only 43%, over three years. Why? Often spin-off companies become more focused, and because they are smaller they tend to have greater ability to grow rapidly. Meanwhile, there is little evidence that giant mergers create great wealth for shareholders. Just ask AT&T. It paid $7.4 billion for NCR Computer in 1991 and soon gave up on the acquisition, spinning it off to shareholders as part of another split, this one three ways, last year. So now somebody wants to put Ma Bell back together...