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Consultants, investment bankers and press conference--calling executives like to call them "transforming transactions." Shareholders usually come to think of them as blunders of epic proportions. They are the multibillion-dollar megamergers, like AT&T's purchase of cable powerhouse TCI or AOL's marriage with Time Warner (the parent company of this magazine), that are borne on the winds of "synergy" and often find their roots in the weaknesses of the parties' core operations. The reality is that while small, incremental deals can be a key to success, very few megadeals ever deliver on their much hyped promise...
...began looking in 1998, when he was conducting a survey on smoking and addiction for the National Cancer Institute. As part of his study, he recruited more than 1,000 men and women, who agreed to take a standardized, 240-question personality test called the Temperament and Character Inventory (TCI). Among the traits the TCI measures is one known as self-transcendence, which consists of three other traits: self-forgetfulness, or the ability to get entirely lost in an experience; transpersonal identification, or a feeling of connectedness to a larger universe; and mysticism, or an openness to things not literally...
Acquirer (Target) VALUE 1. AOL (Time Warner) $182 billion 2. AT&T (TCI Inc.) $70 billion 3. Comcast (Walt Disney) $66 billion *4. AT&T (MediaOne) $52 billion 5. Comcast (AT&T Broadband) $51 billion 6. Viacom (CBS) $40 billion 7. Clear Channel (AMFM Inc.) $23 billion...
JILL GREENTHAL Media Maven In the media business, Greenthal, 47, is a rainmaker, having wrangled, among other things, the $50 billion merger of AT&T and cable operator TCI in 1998. She recently left Credit Suisse First Boston, where she comanaged the global-media investment-banking practice, to join private investment firm Blackstone Group. There she will continue to work with media companies as a senior managing director for the firm's growing mergers and acquisitions business...
Shares of TCI, which closed Friday at $17.27, traded at $13.32 at the time of the $18 tender offer, according to SPG spokesperson Burns. He said TCI shares had not closed above $16.01 in its ten-year history prior to the tender offers—evidence that the offers had raised TCI share value...