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A pain in the posterior?(Computer Sciences fends off hostile takeover by Computer Associates, must prove to shareholders situation is a victory) (Company Business and Marketing)

Lubove, Seth

Forbes, May 18, 1998, Vol.161(10), p.98(2)

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  • Título:
    A pain in the posterior?(Computer Sciences fends off hostile takeover by Computer Associates, must prove to shareholders situation is a victory) (Company Business and Marketing)
  • Autor: Lubove, Seth
  • Assuntos: Information Technology Services Industry -- Planning ; Acquisitions And Mergers -- Prevention ; Software Support Services ; Software ; Computer Sciences Corp. ; Ca Inc.
  • É parte de: Forbes, May 18, 1998, Vol.161(10), p.98(2)
  • Descrição: Computer Sciences Corp (CSC), led by CEO Van Honeycutt, succeeded in preventing a takeover bid by Computer Associates International Inc (CA) through a variety of means and now must prove to its shareholders that Honeycutt made the right choice. The battle with CA became harsh at times, and Honeycutt is still pursuing a lawsuit alleging that CA head Charles Wang and president Sanjay Kumar attempted to bribe him with cash and stock options. Honeycutt was able to retain CSC's independence largely by promising that its future performance would support a share price higher than the $108 CA offered. He predicted an 18 percent jump in earnings, a difficult promise to deliver when 29 percent of CSC's $5.6 billion in annual revenue comes from the shrinking defense sector. CSC is competing fiercely with IBM, Electronic Data Systems and others for both business and talent; Honeycutt hopes to expand its 45,000-person workforce, but staff turnover is up to 16 percent annually.

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