NCR plans to sell shares in a move to block AT&T

Article Abstract:

NCR Corp will try to to stave off AT&T's planned takeover by selling 10 per cent of its own stock. The stock will go to a newly created employee stock ownership program. NCR is fighting AT&T's $6.12 billion, $90-per-share takeover bid. The stock sale could postpone AT&T's takeover by blocking solicitation of shareholder votes by the telecommunications firm. AT&T needs to align 80 per cent of the shareholders in order to oust the present 13-member NCR board of directors. NCR is also planning to schedule its annual meeting and special shareholders' meeting on a date that will make it difficult for AT&T to solicit votes and develop countermeasures to NCR's stock sale.

Planning, Conferences, meetings and seminars, Telecommunications services industry, Telecommunications industry, Acquisitions and mergers, Securities, Employee ownership, Employee, Ownership

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AT&T, NCR merger talks are derailed

Article Abstract:

Talks between AT&T and NCR executives have broken down, leaving little room for a negotiated merger of the two companies before a special NCR stockholders meeting on Mar 28, 1991. At that meeting, if AT&T receives an 80 percent backing from shareholders, it will replace the entire NCR board with a board of its own choosing. AT&T has gradually raised its original offer of $90 per share in Dec 1990, and is now offering $100 per share providing it gets the 80 percent vote.

Computer peripheral equipment, not elsewhere classified, Negotiations, Strategic Planning, Negotiation

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