When I first learned of the sale of Black & Decker Corporation (NYSE: BDK) to The Stanley Works (NYSE:SWK) in November of 2009, I was immediately suspicious and wondered how much money Black & Decker executives would be making by selling their own company. For decades now, it has been a growing and, in my […]
Friday, December 18, 2009
Comments Off on Black & Decker II: The Death of Black & Decker
The nagging question about the “merger” of Black & Decker Corporation (NYSE: BDK) and The Stanley Works (NYSE:SWK) is, “Why is this happening?” Why is Black & Decker disappearing (becoming a division of Stanley) at the beginning of an upturn in the market? Why is the company selling for a modest premium? Why are shareholders […]
Thursday, December 3, 2009
Comments Off on Black & Decker I: How Our System Rewards Failure
Black & Decker Corporation (NYSE: BDK), based in the Baltimore suburb of Towson, announced in early November that it was merging with The Stanley Works (NYSE:SWK) based in Connecticut. As per the usual script, this “merger” was hailed as a great step forward for Black & Decker. Black & Decker shareholders would receive (in stock […]
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Wednesday, February 17, 2010
Comments Off on Black & Decker III—Death by Poor Governance