Costs of Corporate War

Not unlike a military campaign, this tangled four-way struggle has produced profits for the financiers and spoils for the strategists, and inflicted casualties among innocent bystanders, including workers at the companies involved and shareholders around the country. Though Bendix had assembled a cash hoard of $575 million over the past two years by selling off some of its less profitable businesses, mainly forest products, Chairman William Agee still had to arrange credit lines for another $1 billion from a consortium of banks to make his takeover bid. Cash-poor Martin Marietta was forced to borrow $892.5 million so that it could buy...

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