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Betsy McKay, Nikhil Deogun, Devon Spurgeon, Jonathan Eog It was supposed to be Douglas Daft's day of triumph. After a painful restructuring that went on for months, the new chairman and chief executive of Coca-Cola Co. was ready to launch his first big offensive: a quick, bold move to boost growth by buying Quaker Oats Co. and its coveted Gatorade sports drinks. But what was to have been a two-hour board meeting last week to bless the $15.75 billion deal turned into a five-hour lesson on how an activist board deals with a rookie CEO. The board nixed the deal as too expensive. Mr Daft retreated. Quaker CEO Robert Morrison was stunned when Mr Daft phoned him with the news that Coca-Cola's board had decided not to proceed. People on the Quaker side say the company was led to believe the Coca-Cola board would approve the deal. Coca-Cola had drafted letters to its bottlers and customers announcing "a milestone in the history of The Coca-Cola Company." Messrs. Morrison and Daft had even posed for joint publicity photos at Coca-Cola's New York offices earlier in the day, Mr Morrison holding a Coke bottle, Mr Daft a Gatorade.
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Paper Information
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Title: I want papers
Words: 971
Rating: None
Pages: 3.9
submitted by: ms21th
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