Word: bendix
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...courtship was brief and tumultuous. Not surprisingly, the marriage was on the rocks before it really got started. After eight days as president of the combined company formed by the merger of Allied Corp. and Bendix Corp., William Agee, 45, decided last week to resign, effective June 1. Reason: Allied Chairman Edward Hennessy would not give him major responsibilities. Said Agee...
Agee and Hennessy were first thrown together in a fierce takeover fight last September. As chairman of Bendix, Agee tried to buy Martin Marietta Corp., but his prey decided to become the predator. To save Bendix from being bought by Martin Marietta, Agee turned to Hennessy, and after four whirlwind days of talks they agreed to merge. Agee got a promise that he would be president of Allied, but his future duties were not settled. Shortly after the merger was officially approved by stockholders a fortnight ago, Hennessy forced the resignation of Alonzo McDonald, who had been Agee...
Agee's resignation seems an abrupt setback in what had been a fast-track career. A graduate of Harvard Business School, he was only 39 in 1977 when he reached the top at Bendix, a manufacturer of machine tools and auto and aerospace parts based near Detroit. At the time, Bendix stock was selling for less than $40 a share. Under the deal Agee negotiated, Allied paid $85 a share. But if Bendix shareholders were happy, the board was less than delighted with the publicity fallout from Agee's relationship with Mary Cunningham, a top Bendix vice president...
...Cunningham is now a vice president for strategic planning at Seagram, the Manhattan-based liquor manufacturer. For the past eight months, she and Agee have been commuting between a suite in New York City's Helmsley Palace and a home in Detroit's northern suburbs, near Bendix...
Agee has thus paid the ultimate price for the blundered Martin Marietta merger: he has lost Bendix. Yet he was keeping up a brave front. Said he last week: "I firmly believe that where mergers are intelligently done, they create jobs and wealth. And this one was." He pledged to stay on at Allied "as long as I'm needed...