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Essay / Research Paper Abstract
A 10 page case study examining the conditions and events that led to the end of the Nicholson File Company as a business entity all to its own. In 1972, there were at least three companies interested in acquiring Nicholson, two of which were what is now the CooperTools division of Cooper Industries and the H.K. Porter Company. Founded in 1919, Cooper was the youngster of the three and now owns both of the others. This paper addresses Cooper's astuteness in pursuing Nicholson, how much Cooper could afford to pay per share and the concerns of the then-existing Nicholson stockholders. No Bibliography.
Page Count:
10 pages (~225 words per page)
File: D0_Cooper.rtf
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Unformatted sample text from the term paper:
H.K. Porter among the many companies that comprise the tools division of Cooper Industries. The Cooper Industries of today is a multi-billion-dollar enterprise, with interest not only in hand tools,
but also in electrical equipment, hardware and automotive products. My intention is not to spoil the ending, but we are, after all, second-guessing those who obviously made the correct
decisions at the time. The purpose here is to investigate both the events and the rationale leading to Coopers successful acquisition of Nicholson File Company. The Nicholson Company Cooper
Industries website reports that the Nicholson File Company was founded in 1864 and carries the distinction of becoming the first "successful manufacturer of machine-made files" (http://www.coopertools.com/pages/story.htm). Nicholson retains its
own name and is now the worlds largest manufacturer of files. In addition to the machined files, the Nicholson line also includes rasps, circular saw blades, bandsaw blades, and
handsaws (http://www.coopertools.com/pages/story.htm). Some of the information not included at the Cooper Industries website is that Nicholson was controlled by the descendants of the founder until Cooper acquired the company.
In the very early 1970s, Nicholson was functioning, but exhibited a record of performance far below its potential. The years immediately preceding the Cooper acquisition were witness to poor
sales and profit coupled with very conservative financial policies. Additionally, the Nicholson family and the company management personnel held a low percentage of outstanding stock: there were 4,000
stockholders, and the family of the "family business" name controlled only 20 percent of the companys stock. At the time, Nicholson stock was book-valued at $51.25, but was trading at
well below that value and in fact was trading at its lowest value in several years time. Selling only on its potential dividend yield, there was little investor hopes
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