Management
Allied Takes Over Bendix; Martin Stays Independent
Month-long takeover maneuvers between Bendix Corp. and Martin Marietta, which ended with Bendix’s being acquired by Allied Corp., has left Martin independent but with a large debt, while Bendix’s chairman and chief executive officer, William Agee, who triggered the incident, becomes second-in-command at Allied, under Edward L. Hennessy, Jr. Under the agreement between the three companies, in which Allied will exchange most of the Martin Marietta shares acquired by Bendix for all of the Bendix shares acquired by Martin Marietta, Allied will still own approximately 39% of Martin Marietta’s outstanding stock.
By Philip J. Klass