Abstracts - faqs.org

Abstracts

Business, general

Search abstracts:
Abstracts » Business, general

NCR board, facing hard proxy fight, agrees to talks on AT&T merger offer

Article Abstract:

NCR Corp's board of directors, facing what could be an embarrassing vote against it at the company's annual shareholder meeting, announces it will meet with AT and T to discuss the telephone company's $6.8 billion takeover offer. NCR's turnaround comes just four days before its shareholder meeting, and in the wake of AT and T's offer to increase its bid from $90 a share to $100 a share should the stockholders turn in the 80 percent vote necessary to oust NCR's entire board. Additional pressure has been placed on the board by a federal court ruling invalidating its defensive employee stock ownership plan. Observers say it is not clear whether NCR is sincere in negotiating or whether it hopes the announcement will prevent AT and T from getting the 80 percent vote it needs. Analysts doubt AT and T can get the 80 percent majority, but say NCR is feeling stockholder pressure and may settle for between $105 and $110 a share.

Author: Smith, Randall
Publisher: Dow Jones & Company, Inc.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
Negotiations, Stockholder, Price, Negotiation

User Contributions:

Comment about this article or add new information about this topic:

CAPTCHA


AT&T starts proxy fight against NCR after $6.12 billion proposal is spurned

Article Abstract:

AT and T begins a proxy fight against NCR Corp in hopes of holding a special shareholder meeting to oust NCR's board of directors. The proxy challenge comes in the wake of NCR's rejection of AT and T's $90-a-share hostile takeover bid as 'grossly inadequate.' AT and T's bid would place the total purchase price for the firm at $6.12 billion, but NCR's board is after a per share price of $125. AT and T will need votes from 25 percent of NCR's shareholders to call a special meeting, at which it will need an 80 percent vote oust the entire board. Analysts say that AT and T will have a majority of shareholders on its side, but they doubt the full 80 percent can be secured. In the meantime, AT and T will seek a court order to force NCR to drop its poison pill anti-takeover defense.

Author: Smith, Randall
Publisher: Dow Jones & Company, Inc.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
Analysis, Tender offers (Securities), Tender offers, Stock

User Contributions:

Comment about this article or add new information about this topic:

CAPTCHA



Subjects list: Computer industry, Mergers, acquisitions and divestments, T, NCR Corp., NCR, American Telephone and Telegraph Co., Acquisition, Takeovers
Similar abstracts:
  • Abstracts: AT&T, NCR may combine computer lines; firms are said to be in talks that may end in spinoff or an acquisition offer
  • Abstracts: AT&T readies hostile NCR bid; a proxy challenge to unseat directors also is considered. NCR may seek Goldman's help against AT&T
  • Abstracts: AT&T, NCR cite 'progress' in merger talks. NCR weighs using untested rights plan as defense against AT&T takeover bid
  • Abstracts: Centel's Frazee expresses confidence holders cleared acquisition by Sprint. Southwestern Bell, 2 others win right to acquire 51% voting stake in Telmex
  • Abstracts: Ericsson's global reach; Swedish equipment firm expands fast but feels the strain
This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.
Some parts © 2025 Advameg, Inc.