Word: mergers
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Horner also ensured that Radcliffe would not die out. She cut what was called a "merger-non-merger" deal with Harvard, finalized in 1977. that let Radcliffe retain its endowment, fundraising and administrative autonomy while merging admissions. Horner fought to preserve Radcliffe in order to ensure that women had an advocate on campus...
...Thanks in part to the negotiating skills of TWA Chairman Carl Icahn, a settlement may be at hand in the epic legal battle between Texaco and Pennzoil. Since 1985 Texaco has been appealing a court order to pay Pennzoil $10.5 billion in damages as a result of a merger dispute. In April, Texaco filed for bankruptcy protection. Enter Icahn, who three weeks ago became Texaco's largest stockholder by boosting TWA's holdings to 12.3%. Icahn helped forge a deal between Pennzoil and a committee representing Texaco's shareholders to settle the conflict for $3 billion. Texaco's management blasted...
Because corporate clients making huge deals require wide-ranging expertise, competition has fueled a merger boom among firms. A large operation may acquire a "boutique firm" whose specialty it needs or absorb an established local operation to gain an instant foothold in another city. But as many as eight in ten mergers are illadvised, by the estimate of Houston Law Firm Consultant William Cobb. They can lead to a clash of egos among partners accustomed to independence, a ballooning of overhead costs or the mismatch of a loosely organized firm with a centrally operated...
That perception has propelled some passengers toward rival ticket counters. Texas Air has suffered three consecutive quarterly losses exceeding $200 million, is expected to lose an additional $50 million by year's end, and could fare far worse if a recession comes along. Lorenzo concedes that the merger of four major airlines has produced more lapses in service than he anticipated. Says he: "There is no sugar-coating. We did not do a good...
Texaco has sought relief in the courts ever since a Texas jury ordered the company to pay the fine to Pennzoil in 1985. The jury held that Texaco had illegally enticed Getty Oil to break a merger agreement with Pennzoil. Last April, facing a deadline to post bond for the judgment, Texaco became the largest firm in U.S. history to file for bankruptcy protection. Texaco had offered Pennzoil some $2 billion as a settlement; Pennzoil demanded more than $4 billion. Pennzoil's price reportedly has now risen to $6 billion...