Word: mergers
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...wrangling, the Social Democratic Party dismembered itself last week. At the University of Sheffield in central England, party delegates voted 273 to 28 to merge with the nearly twice as large Liberal Party. The two centrist groups had been partners under the Alliance banner since 1981, and began talking merger when their candidates won only 22 of 650 seats in last year's parliamentary elections. But while their formal marriage was intended to strengthen future showings, it sealed a bitter divorce between the Social Democrats and former Leader David Owen, who co-founded the party in 1981. Arguing that...
...vote delighted members of the Liberal Party, which approved the merger three weeks ago. Liberal Party Leader David Steel said the wide margin of approval "means that both parties can go forward together not just with confidence but with enthusiasm." Robert Maclennan, who succeeded Owen as head of the Social Democrats, declared that the newly formed party "has a great opportunity to take British politics out of the straitjacket of Conservative dominance...
...around stars. Well known and well paid, cosseted and coddled, the stars eventually become almost synonymous with the institutions that employ them. Nowhere was this more true than at the elite investment firm of First Boston, where the duo of Bruce Wasserstein and Joseph Perella created a mecca for merger-and-acquisit ion advice. Owing largely to their prestige, First Boston was the busiest takeover player on Wall Street last year, handling an estimated 174 deals. Serving as masterminds in some of the biggest corporate struggles of the decade, the two men have sparred with raiders ranging from T. Boone...
...risking large amounts of capital in increasingly volatile markets, investment bankers argue that the money would be better spent to finance ventures that lately have produced more reliable income. Dealmakers like Wasserstein and Perella are especially eager to become merchant bankers, who use their own capital to help finance mergers. Merchant bankers can make either a so-called bridge loan to a company that is attempting a merger or a direct investment in a company that is being acquired...
...with the switchover in leadership at Radcliffe, it is also a good time to cut a lot of the red tape left by the semi-merger plan. It was illogical that plans for Quad repairs had to be delayed so they could pass through two bureacracies--Radcliffe's and Harvard's. And it is unfortunate that female admits to the College receive letters accepting them to Radcliffe, but not even mentioning Harvard...