White Knights and Black Eyes

The price of corporate derring-do is often painful

It was a strangely quiet denouement to one of the dirtiest, sloppiest, most wasteful takeover battles in U.S. corporate history. At its height, the contest was an unseemly spectacle of "cannibals gorging on one another," in the apt metaphor of Television Commentator Bill Moyers. Last week it ended with a whimper. In meetings at Southfield, Mich., and Morristown, N.J., shareholders of Bendix Corp. and Allied Corp. formally approved the merger of their companies. There was scarcely any dissent, but there was some sober reminiscing. Allied Chairman...

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