Merger
In 1986, after the success of a second hostile takeover bid engineered by Burroughs' CEO and former U.S. Secretary of the Treasury, Michael Blumenthal, Sperry Corporation merged with Burroughs Corporation to become Unisys. The takeover came about even after Sperry used a "poison pill" in the form of a major share price hike to dissuade the hostile bid, as a result of which Burroughs had to borrow much more from the banks than was anticipated in order to complete the bid.
Certain internal divisions of Sperry such as Sperry New Holland and Sperry Marine were sold off after the merger. Also sold—to Honeywell—was Sperry Flight Systems, while Sperry Defense Products Group was sold to Martin Marietta; those two units whose functions were originally at the heart of the venerable Sperry Gyroscope division. This group is now part of Lockheed Martin.
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