Word: mergers
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...both strategies--to engulf and to disgorge--actually be reconciled in today's business world? Richard D'Aveni, a professor of corporate strategy at Dartmouth's Amos Tuck School of Business, sees plenty of room for deals along the lines of both the Time Warner merger and the AT&T breakup. (Businessman Donald Perkins and former U.S. Trade Representative Carla Hills sit on both boards, which voted for conflicting goals.) D'Aveni discerns an intrinsic cycle: poorly conceived mergers turning into spin-offs. The aim is to dominate a market, as Microsoft rules software, Delta dominates the Atlanta airport...
...have been four probusiness cycles in the U.S. since 1850: the post-Civil War "Gilded Age" ending in the 1880s; the Roaring Twenties; the post-World War II expansion from 1950 to the mid-'60s; and the current cycle, which began in the late '70s and has seen the merger mania of the '80s extend into the present. All previous cycles lasted about 12 to 20 years and ended in periods of heavy regulation. There are now signs, says the Report, that "strategic overreaching is already provoking a new countertide." Among the symptoms: public opinion worried about the ruling party...
...know about this in detail. I have not read the book and I really don't have any comment on it at all said Scott, who has since left Harvard and is now a financial officer at Partners Healthcare Inc., the new corporate identity of the merger of two Harvard teaching hospitals--Mass. General and Brigham and Women...
...make matters dicier, a merger would also bring Malone, the chairman of Tele-Communications Inc. and a man with a bent for elaborate corporate schemes, into Time Warner's fractious family. Malone, who stands to convert the 21% of Turner stock he controls into about a 9% stake in Time Warner, strung out the talks with a long and changing list of demands that threatened to block an agreement. "He asks for everything," says a Time Warner executive. "You never know when he's finished." Levin and Malone hashed out their main differences at a Sept. 9 meeting...
...board. Without the poison pill, a large shareholder such as Malone or Edgar Bronfman Jr., who heads Seagram and MCA and controls 14.9% of Time Warner, could gobble stock and launch a hostile bid for the company. (Bronfman's stake would drop to about 9% after the merger...