Word: mergers
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Thomas G. Pownall, 61, chairman of Martin Marietta and a survivor of last fall's great merger battle among Bendix, Allied and Martin Marietta, has emerged as a business folk hero. On the New York Stock Exchange floor a few days ago, traders eagerly shook his hand and told him that he had fundamentally altered the merger climate by proving that a takeover target could fight back and survive. At least three books are now being written on the whole saga, and several business schools are preparing courses on it. Pownall has turned down dozens of speaking invitations, including...
...long talk with TIME'S Washington Contributing Editor Hugh Sidey, Pownall gave his first public reflections on the epic merger battle of 1982. Highlights of their conversation...
Your article "White Knights and Black Eyes" [Feb. 14] mentions the "golden parachute" package fashioned by Bendix directors for William Agee during the merger battle of the Bendix Corp., Martin Marietta and Allied Corp. Paying Agee so much money would not be in the best interests of Bendix stockholders. The cozy relationship between boards of directors and top executives amounts to corporate incest...
...looked down a patrician nose at Colbert County. The view has always been that field hands and factory workers live over there in Colbert, while management lives back across the river here in Lauderdale. Now, however, the dry Chamber is talking with the wet Chamber over yonder about a merger. The view behind this turn seems to be that while the American economy may be on the mend, it will not be a fast mend, like darning a sock, and, rather than wait, well, liquor is quicker. - By Gregory Jaynes
...voting patterns so far show that a majority of Southern Presbyterians basically agree with the Rev. John M. Miller of Hilton Head Island, S.C., who argues that opposition to merger now is "a feudal expression of longing for a past that can never be." Adds Richards, 80, a patriarch of the Southern denomination: "The church is under attack in so many quarters that we can't be divided. We've got to sacrifice the things that aren't essential in order to get together." -By Richard N. Ostling. Reported by B.J. Phillips/Atlanta