Word: mergers
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...when Scott acquired his firm, said the company will cooperate fully with the government's probe. Frist confirmed that Columbia's board forced the change, angered by the surprise federal searches and concerned that its business and reputation were being damaged by the probes as it mulled a major merger. "Rick Scott and David Vandewater have done a fabulous job in putting this group of assets together," said Frist. "They were the right people. But in any institution there is a time for a different style . . . It might have been an impediment if they had stayed." Wall Street responded favorably...
SEATTLE: While Boeing awaits the final word from Europe on its proposed swallowing of aerospace rival McDonnell Douglas Corp., the company's owners are fully behind the deal. At a Seattle meeting of Boeing shareholders, the $15 billion merger was approved by slightly more than 99 percent. The holdout? James S. McDonnell III, a company director and descendant of its founder, who is voting his personal shares against the marriage as a protest against Boeing's refusal so far to include "McDonnell Douglas" in the merged company's name...
...Calling his approval preliminary, EU antitrust chief Karel Van Miert said more time was needed to read the fine print of Boeing's offers before a formal go-ahead is issued. A green light is expected as early as next week. While the Europeans could not have blocked the merger, they could have prevented Boeing from setting up shop anywhere in the soon-to-be-enlarged Union, or fined the aviation giant as much as $4.8 billion if it went ahead with the merger without community approval...
...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...