AMP directors reject a takeover by AlliedSignal
Article Abstract:
AMP Inc.'s board of directors unanimously rejected a $10-billion takeover bid by Morristown, NJ-based AlliedSignal saying that the offer was inadequate and did not reflect the potential value of the Harrisburg, PA-based firm as the world's largest supplier of electrical and electronic connectors. The tender offer was for all of AMP's outstanding shares at $44.50 each in cash. Meantime, AMP's current chairman James E. Marley will be replaced by its executive vice president and former IBM executive Robert Ripp while William J. Hudson will be reassigned as vice chairman of the board. The AlliedSignal offer will be decided by AMP's shareholders on Oct. 15, 1998.
Comment:
Tender offer of $10-billion for AMP Inc rejected by AMP's board of directors
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
AMP will cut 3,500 jobs and close 2 Pa. plants
Article Abstract:
AMP Inc. of Harrisburg, PA, the top producer of connectors for electric and electronic devices in the world, will lay off about 3,500 workers and shut down two plants in Loganville, PA, and another in Kernersville, NC, due to the economic crisis in Asia and a unsuccessful business expansion strategy. The products being produced at the plants slated for closure will be move to factories in South Carolina, North Carolina and Pennsylvania. The job cuts, will affect 7.5% of AMP's workforce, will be accomplished through layoffs, early retirement and attrition.
Comment:
Will lay off some 3,500 workers & close 2 plants in Loganville, PA, & 1 in Kernersville, NC, partly due to Asian economic crisis
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
AMP chairman quits after Tyco merger is approved
Article Abstract:
Electronic component manufacturer AMP Inc. has agreed to a merger with Tyco International Ltd. The chairman and CEO of Amp, Robert Ripp, has subsequently resigned. It is believed that Ripp's decision was caused by disagreement over cost-cutting measures to be initiated at AMP by Tyco.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: ICC Tech quits air-conditioning. Chemical companies' merger is approved. High marketing costs blamed in Maggio sale
- Abstracts: Maggios sell their cheese business. Red Bell says Lion rejected takeover. Connelly firm to be purchased by Ga.-Pacific; terms of the deal were not disclosed
- Abstracts: Dennis Bouey to quit as Phila. Airport chief. Hotelier has high hopes in the city
- Abstracts: PUC: utilities can merge before giving up lines. Electricity providers successful in Y2K communications test