AMP, in move to thwart AlliedSignal, offers to buy some shares
Article Abstract:
AMP Inc. announced that it would pay up to $55 per share for 14% of its stock in an attempt to attract investors who are supporting AlliedSignal Inc.'s hostile takeover offer. AMP made a buyback bid worth $1.65 billion which was moderately supported by Wall Street. Robert Ripp, the chairman of AMP, guaranteed in September 1998 that stockholders would receive a "down payment" as a motivation to support current management.
Comment:
AMP to pay up to $55 per share for 14% of its stock to attract investors supporting AlliedSignal Inc.'s hostile takeover bid
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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AMP seeks Pennsylvania legislation to block AlliedSignal's takeover bid
Article Abstract:
AMP Inc.'s chairman Robert Ripp wants Pennsylvania legislators to rewrite state law inorder to prevent shareholders from supporting a $9.99 billion hostile takeover bid from AlliedSignal Corp. Ripp met recently with Republican lawmakers who represent AMP's district around Harrisburg, PA, and encouraged them to pass a bill that would prevent AlliedSignal from gaining control through AMP shareholder consent solicitation.
Comment:
Amp chairman Robert Ripp wants legislators to change law to prevent shrhldrs from backing $9.99 bil hostile from AlliedSignal
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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