Word: bendix
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...post-mortems dissect last year's Bendix takeover fiasco
...intellectually sterile managers? Will William Agee and Mary Cunningham ever find true happiness? Is the Harvard Business School encouraging its graduates to sacrifice real growth for mere asset management? The answers to the above are yes, perhaps and possibly. At least, so say two new post-mortems on the Bendix saga, Three Plus One Equals Billions, by Allan Sloan (Arbor House; $15.95), and Till Death Do Us Part, by Hope Lampert (Harcourt Brace Jovanovich...
...kids born here and the kids born in Mexico," says Jesse Quintero, a teacher whose students are mostly illegals. "It's a different breed." And while the waves of illegal Mexican immigrants are exceptionally poor, the barrio's long-entrenched Mexican Americans inhabit a world more like William Bendix's TV L.A. in the 1950s show The Life of Riley: working-class comfortable. The middle class, perhaps 30% of L.A.'s latinos, seldom use the vaguely militant term chicano...
Takeovers earned a bad name during the destructive Bendix-Martin Marietta fracas last summer in which Bendix Chairman William Agee first lost control of his company and later lost his job, when Allied Corp. came to Bendix's aid as a so-called white knight in the battle but then forced him out. Even before that struggle, companies had moved to make outright takeovers more difficult by setting up so-called shark repellents. Example: some companies altered their bylaws to require a two-thirds or three-quarters majority of voting shares to make changes in company policy, and some...
Pownall's response was amazing also. Within 48 hours of the takeover bid, Martin Marietta's officers and board had concluded that Bendix would not be able to manage M-M's complex aerospace business. "Aerospace people think of themselves differently," said Pownall. "There is a special camaraderie. It is more than making money. We were glued together. We rode in the same cars, flew in the same airplanes. The fact is this was a truly great team effort, not just something that...