Wall Street’s best-kept secret
In the weeks following the announcement of Morgan Stanley’s merger with Dean Witter, DLJ’s share price shot up from $36 to $46. It is not, jokes chairman and chief executive John Chalsty, because investors suddenly like the colour of his eyes. DLJ is the perennial acquisition target. It is small and has a comparatively low capitalization. Its stockholders’ equity of $1.64 billion at the end of 1996 make it financially digestible.
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