Hands Off

RCA to Bendix: No Thanks

For more than a year, William Agee, chairman of Bendix Corp. (1981 sales: $4.4 billion) has been shopping for a high-technology company to buy with Bendix's $570 million cash trove. But when Bendix revealed last week that it had quietly acquired more than 5% of the stock of RCA Corp. (1981 sales: $8 billion), the ailing conglomerate reacted like a tough old dowager who had just been propositioned, cutting loose with the kind of language not normally used in corporate communications.

RCA, which reported an 83% drop in profits and slashed its dividend in half this month, suggested...

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