AT&T settles back into waiting game in its hostile $6.12 billion bid for NCR

Article Abstract:

AT and T plays 'a waiting game' with its hostile $6.12 billion bid for computer maker NCR Corp. The telecommunications giant begins a proxy battle that it hopes will convince the NCR board that the company's shareholders want to sell. AT and T believes that between 60 and 80 percent of NCR's shareholders want to sell; the company expects to announce the exact percentage on Jan 15, 1990. AT and T seems surprised at how vehemently NCR has rejected the $90-a-share offer and equally distraught at the fact that NCR does not want to enter into acquisition negotiation talks. Some in AT and T's management begin to feel frustration over the takeover battle, but others believe that NCR is simply posturing.

COMMUNICATION, Telecommunications services industry, Telecommunications industry, Business planning, Computer Industry

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NCR, facing proxy vote, cuts price it seeks from AT&T to $110 a share

Article Abstract:

NCR Corp has lowered its asking price for an AT&T takeover to $110 per share. Analysts see the move as a last-minute attempt to avert a proxy battle at the company's planned shareholder meeting in which AT&T will endeavor to gain 80 percent of the stockholder vote and oust the entire 12-man NCR board. Even if AT&T only succeeds in gaining an anticipated 70 percent vote it will be able to replace four existing directors, including NCR chairman Charles Exley Jr, with its own executives. The telecommunications giant has increased its original $90 per share offer it made in December to $100 per share providing it gets 80 percent of the vote at the meeting.

Telephone communications, exc. radio, Planning, Acquisitions and mergers, Strategic Planning, Price, Stock

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