Displaying an agility that impressed even its most avid supporters, GE responded on
October 22 with a bid valued at $55 a share. UTX immediately dropped out, saying the
deal was not in the interest of its shareholders at that price. For GE’s Welch, the
acquisition would be the largest of the estimated 1700 completed during his tenure as CEO. Most observers gave the deal high marks. Salomon Smith Barney analyst Jeffrey Sprague commented