Word: xeroxes
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...year of mammoth mergers, one of the main events came last September when Rochester's Xerox Corp. and Manhattan-based C.I.T. Financial Corp. announced plans for a union. The deal would have involved a swap of Xerox stock then worth $1.5 billion and created a hefty new conglomerate with assets of $4.5 billion. The agreement was based only on a handshake, but Xerox President C. Peter McColough cheerfully predicted that the merger would provide his company with "a much broader base than we now enjoy, enabling us to accelerate our plans in several fields...
...Rich. Whatever caused last week's retreat, the merger had drawn one strong and perhaps decisive negative vote from Wall Street. On the basis of tentative financial terms announced by the two companies in September, Xerox was setting the value of C.I.T. at something like $70 a share-a bit rich, in the view of many securities analysts, for a stock that had been trading at around $45 a share...
...last week Xerox's stock had fallen a drastic 18¼ points since the September announcement, costing the company's investors a paper loss of $400 million and reflecting a widespread notion that a link with solid but unspectacular C.I.T. could only tarnish Xerox as a glittering growth stock. At any rate, there were palpable signs of stockholder relief when the deal was finally dropped. In the first day of trading on the New York Stock Exchange after the announcement, Xerox was bid up 6½ points to $277.25 a share...
...distant second to Xerox in the duplicating-machine area, 3M began field-testing its "color in color" copier last spring, says it will start delivering the machines on both a selling and a leasing basis within a year. To woo customers, 3M will, beginning early in 1969, open six display centers across the U.S. One of the most important selling points is that 3M's pioneering copier, by contrast with early color television, boasts high-quality color-in solids and halftones alike...
...billion a year. Despite its substantial head start toward that rainbow of riches, 3M has every reason to respect the competition. RCA and Polaroid, which are both newcomers to the duplicating-machine business, are still working on color-copying processes of their own. Then, of course, there is always Xerox, whose color copier, when it comes out, will almost inevitably...