Allied Signal will pursure AMP despite adverse ruling by judge

Article Abstract:

Allied Signal Inc. said that it will proceed with its planned $9.7 billion hostile takeover of AMP Inc. Federal District Judge James T. Giles ruled that it was unlawful for Allied to have AMP shareholders gain control from the board over AMP's shareholder rights plan. Judge Giles delayed the election of board nominees until Allied stated that "its director nominees have a fiduciary duty soley to AMP." Some shareholders stated they hoped AMP's executives would negotiate a friendly offer for the company.

Author: King, Sharon R.
Publisher: The New York Times Company
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998

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AMP steps up efforts to fend off Allied Signal takeover

Article Abstract:

AMP Inc. said that it is planning to repurchase up to 30 million shares in an attempt to prevent a hostile takeover bid by Allied Signal Inc. from succeeding. AMP is proposing to buy back the stocks for $55 per share. Allied Signal has made a $9.7 billion offer for all of AMP, which is trying to placate investors and win another a chance to show that its management can increase its profits and stock price.

Comment:

AMP Inc. plans to repurchase up to 30 million shares in an attempt to prevent a hostile takeover bid by Allied Signal

Author: King, Sharon R.
Publisher: The New York Times Company
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
Securities issued, listed

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Subjects list: United States, Diversified companies, Electronic components, AlliedSignal Inc., AMP Inc., Article
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