Word: mergers
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Dates: during 2000-2009
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...Editors: You did a public service by publishing the story on merger madness [ECONOMY & BUSINESS, Dec. 23]. There is nothing inherently wrong with mergers. Our corporation has often taken a stroll down acquisition avenue. But when we take over a company, we do it because we want to run it. People who issue junk bonds are different, as Felix Rohatyn points out. They are not interested in companies as institutions, but want to break up the business they are after. Takeovers using junk bonds rob stockholders of the value of their investment, throw employees out of work and make...
...unorthodox structure and style. Says Robert Joedicke, an airline expert for Shearson Lehman Bros.: "Running a company with labor unions on one side of the house and no unions on the other side is going to be tricky. Under those circumstances, collective bargaining can be contagious." In the merger agreement, Burr pledged to operate Frontier as a separate company until 1990. Says he: "Over the next five years, we'll try to convince the Frontier people of our way of doing things...
...offering to buy Pennzoil for $5 billion. If the gossip proved true, the value of each Pennzoil share would instantly have been 105. But instead of creating a gusher of wealth, the rumor turned out to be a dry hole. Pennzoil Chairman J. Hugh Liedtke denied that any merger was imminent, and the stock slumped...
...both companies expressed great delight last year when Capital Cities Communications (est. 1985 sales: $1 billion) agreed to buy the four-times-as-large American Broadcasting Cos. for $3.5 billion. Still, few experts were surprised last week when Fred Pierce, 52, resigned as ABC president only days after the merger officially took effect...
...Cities moved quickly to replace Pierce with one of its own. It named John Sias, an executive vice president who has been running the Capital Cities publishing division, president of ABC. Pierce will leave ABC a wealthy man. He held stock worth $4 million at the time of the merger, and will receive $2 million still owed him under a contract that runs through 1989. CORPORATE NAMES From the Plow to the Stars...