AlliedSignal makes $9.8B hostile bid
Article Abstract:
AlliedSignal of Morristown, NJ, has offered $44.50 per share to stockholders of AMP of Harrisburg, PA, in a hostile takeover bid. The offer, representing a 58% premium on AMP's stock price during trading on Aug. 4, 1998, was rejected by the electrical connectors manufacturer, according to AlliedSignal's chairman and CEO, Lawrence Bossidy. Bossidy, who said his firm wants a negotiated deal for the firm but is prepared to enter into a proxy fight, has filed a suit with the federal district court of Pennsylvania asking that AMP's investors be allowed to consider AlliedSignal's offer.
Comment:
Has offered $44.50/share to stockholders of AMP of Harrisburg, PA, in a hostile takeover bid
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
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AlliedSignal moves ahead with AMP takeover
Article Abstract:
AlliedSignal of Morristown, NJ, has launched a $10-billion hostile bid for electronic connectors manufacturer AMP of Harrisburg, PA. The aerospace and automotive parts maker said it would consider raising its bid of $44.50 per AMP share if the purchase could be negotiated and paid for in AlliedSignal stock. AMP urged its shareholders to wait for a recommendation which its board will issue within 10 days. Speculations in Wall Street say AMP is seeking a friendly acquirer that could possibly be United Technologies, Siemens, or Schneider. AMP did not comment on the matter.
Comment:
Launches a $10-billion hostile bid for electronic connectors manufacturer AMP of Harrisburg, PA
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
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AlliedSignal, AMP break the ice - a bit
Article Abstract:
AlliedSignal CEO Lawrence Bossidy has offered to negotiate with AMP, a manufacturer of electronic connectors, regarding its bid to acquire AMP for nearly $10 billion. AMP CEO William Hudson said the company board will meet to consider the offer of the auto and aerospace parts manufacturer. AMP has until August 21, 1998, to respond to AlliedSignal's tender offer to pay $44.50 for each AMP share, which closed at $39 15/16 on August 11, 1998. The shares of AlliedSignal, however, have fallen almost 19% since the company's bid for AMP was announced.
Comment:
CEO Lawrence Bossidy offers to negotiate with AMP regarding its nearly $10-bil buyout bid
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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