nolan@helios.unl.edu (Michael Nolan) (05/07/91)
Heard on the 1:00 (CDT) News: AT&T has signed a definitive agreement to merge with NCR. (Or was that to buy NCR??) Hopefully, more details will be forthcoming as to what this REALLY means.. This was the most widely talked about non-agenda topic at the annual NCR Users Convention (NUCON) in San Antonio last week, even if the NCR employees present were careful to say they didn't know anything about it. Michael Nolan nolan@helios.unl.edu
wescott@nncrcae.Columbia.NCR.COM (05/08/91)
In article <nolan.673557043@helios> nolan@helios.unl.edu writes: > AT&T has signed a definitive agreement to merge with NCR. > (Or was that to buy NCR??) Hmmm. It depends on who is doing the talking and whether they're trying to be circumspect about the whole thing. NCR and AT&T employees were treated to a closed circuit TV show with AT&T chairman Allen, NCR's Exley and Williamson announced the deal to the employees and then held a news conference to discuss the deal. We (NCR) were somewhat resigned to the fact that the takeover would eventually happen. As a stockholder, I was glad to see that it was a $110/share stock swap. I didn't want to pass the capital gains to the IRS (yet). As an employee, I'm skeptical about AT&T's promises about a "hands off" approach. The press conference was interesting in view of the way the transition is apparently organized; it seems that most control will remain with NCR people, at least near term. The emphasis seemed to be on reassuring AT&T customers that a "migration path" would be provided to ease the transition to whatever the future is to bring (the implication being that NCR customers wouldn't have the same concern). How well either customer base is "migrated" remains to be seen. > Hopefully, more details will be forthcoming as to what this REALLY means.. > This was the most widely talked about non-agenda topic at the annual NCR Users > Convention (NUCON) in San Antonio last week, even if the NCR employees present > were careful to say they didn't know anything about it. I suspect that few people knew any details about the negotiations. The fact that a deal was in the works was only indicated by the almost complete lack of news on the subject for the last few weeks. There was a flurry of press releases and publication of letters between Exley and Allen then complete silence. We knew (from the letters) that a $110/share price was under discussion and that the differences were in the details and the guarantees. During the press conference it was indicated that the transition team was expected to begin operation shortly and last at least through the 4 to 5 months that it will take to consummate the deal. They are charged with plotting the strategy for the combined computer operations. The implication was that they would make at least preliminary decisions on the which product lines and development activities would continue as well as which facilities and operations would be affected. A question on layoffs was pretty much ducked by all. Another question on the impact to the Dayton, Ohio community was answered by saying that a negative impact on Dayton was not planned, but that it was not possible to predict that any AT&T jobs might come to Dayton. From other questions it seems that there will be no immediate change in NCR employee benefits, pension plans, or unionization. DISCLAIMER: These are my personal opinions and observations; any similarity to official positions of AT&T or NCR, or to the actual events is purely coincidental.