Rules: Golden or Platinum?

“Shut down the headquarters of Wm. Wrigley Jr. Co. Convert the landmark Wrigley Building into condos. Tear the Wrigley name off the Chicago Cubs' ballpark. Close the corporate wallet to local nonprofits. Fire a whole lot of people. This is the future many Chicagoans saw on learning that after 117 years here, the Wrigley family's company had been sold to Mars for $23 billion, to create the world's biggest candy producer. Holy Cow.

“Don't worry, Bill Wrigley assured one and all. The company's executive chairman and great-grandson of its founder insisted that the only thing that is changing is the owners; everything else would remain as it has long been. His namesake confectioner would remain in Chicago, run from the Wrigley Building... Right now, it looks as if everybody -- from the mayor to the media -- wants to believe him.

“It's a sweet sentiment. But I'll wager a king-size Milky Way bar that in a few years, Chicago won't recognize the old Wrigley as it is downgraded into just another regional office of a giant corporation based someplace else. Why the skepticism? For one, the deal itself will force this outcome. For another, previous takeovers of age-old companies by out-of-towners have all ended this way.

“Big premiums mean big cuts, and Mars is clearly paying a big premium. Its $80-a-share price is 34% higher than Wrigley's three-month average price before the deal was announced…

“That money will have to be paid back with interest, and Mars won't be able to do it just by selling packs of M&M's and Orbit. Instead, it'll require selling superfluous assets, consolidating redundant operations, and cutting costs, including labor.

“The chewing-gum company is sitting on one quick source of cash -- its North Michigan Avenue headquarters. The 1920s-era building is beautiful but expensive to maintain. In 2005, Wrigley explored the notion of turning the terra-cotta ‘wedding cake’ into luxury condos but tabled the idea. The Mars family would have no emotional ties about unloading it…

“The sad thing is we've heard assurances like these too many times before in Chicago. Amoco, Ameritech, and First Chicago are among homegrown institutions that have been bought by outsiders. At first, the acquirers swore that nothing would change. But before long, each was subsumed into the parent, greatly diminishing local management and operations, along with philanthropic and civic giving. Thousands of jobs were lost. Bill Wrigley insists that this acquisition will defy history. But when Mars wraps up the deal, the company will lose control of its fate. All else is sound and fury.”

(“Wrigley: Another Great One Soon Gone; With the takeover by Mars, Wrigley is about to follow Amoco and Ameritech into Chicago's ash bin.” Bob Reed. businessweek.com. May 5, 2008)

WHAT DO YOU SAY? 'Do unto others as they would have done unto you'? 'Do unto others as they have done unto you'?

What about, 'He who has the gold rules'?

What about, 'In the good old days...'?