This Could Be A Heavy Deal
WILL CLARK EQUIPMENT deal? On Mar. 28, Ingersoll-Rand threatened to launch a hostile bid for the heavy-equipment manufacturer, revealing that Clark already had rejected a cash bid of around $1.3 billion. Ingersoll Chief Financial Officer Thomas McBride says Clark's mix of high-margin products fits nicely with his company's industrial machinery and capital equipment. Clark also has a cash horde of $400 million. Most Wall Streeters think Clark ultimately will capitulate; indeed, Clark shares jumped 54%. Over the years, CEO Leo McKernan hasn't hesitated to sell any division when the price was right.