Mergers: Have Cash, Will Travel

As one of the nation's biggest finance companies, Baltimore's Commercial Credit Co. (assets: $3.3 billion) generates the kind of cash flow that businessmen dream about. That, together with the fact that its management owns less than 1% of the company's stock, has made it a prime target for takeover. When Manhattan-based Loew's Theaters Inc. undertook to win control of the company with a tender offer to shareholders last month, Commercial Credit's board decided that it would much prefer a partner of its own choosing. Last week it moved to sidestep Loew's by agreeing to merge with Minneapolis' computer-making Control Data...

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