Article Abstract:
AT and T may be in a better position than most firms to prosper in the multimedia future that will feature, among other technologies, wireless communications, speech-recognizing computers and interactive, international communications. AT and T has invested in or is developing products for cellular telephones, advanced microchips, electronic mail, videophones, computer software, high-definition television and pocket communicators. AT and T's various ventures include a 33 percent stake in McCaw Cellular Communications Inc; investments in Go Corp, a developer of pen-based software for portable computers; and the Hobbit, a new chip that several companies have agreed to use in their pocket communicators. Even if competitors win out in some areas, it is hard to imagine any sort of message being sent through the worldwide communications network without AT and T's involvement.
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Article Abstract:
AT and T considers the acquisition of NCR Corp in an effort to boost its computer manufacturing operations. Analysts say that the long-distance carrier would need to pay around $6 million for NCR, which is NCR's revenue for 1989. NCR's book value, which is based on 67 million shares outstanding at $48 a share, is around $3.22 billion. NCR revenue for the first nine months of 1990 is up 5 percent at $4.39 billion but net income has fallen 3 percent to $258 million, as compared with the first nine months of 1989. Some observers familiar with the talks say that two possible scenarios exist: one in which AT and T acquires NCR, and another in which AT and T sells its computer business to NCR, with the telephone company taking an equity stake in the resulting operation. Neither NCR nor AT and T officials would comment on the possible merger.
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NCR Corp's Chmn Charles E. Exley Jr attempts to rally the computer maker's shareholders in an attempt to reject AT and T's $90-a-share offer. Exley schedules a meeting in mid Dec 1990 to discuss with shareholders how the company can fight a proxy battle that will ensue after it rejects the $6.12 billion takeover bid. Industry observers expect NCR to initiate several defenses including unequivocal rejection, a search for a 'white knight' and law suits. Speculation that there is a white knight in the wings prompts investors to push NCR share prices down. The company's stock closed at $89.50 on Dec 12, 1990. Two banks in Dayton, OH, headquarters for NCR, place an ad in a local newspaper and asks Dayton residents not to tender shares and to switch away from AT and T, to a different long-distance carrier, as a protest.
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