Allied Signal will pursure AMP despite adverse ruling by judge
Article Abstract:
Allied Signal Inc. said that it will proceed with its planned $9.7 billion hostile takeover of AMP Inc. Federal District Judge James T. Giles ruled that it was unlawful for Allied to have AMP shareholders gain control from the board over AMP's shareholder rights plan. Judge Giles delayed the election of board nominees until Allied stated that "its director nominees have a fiduciary duty soley to AMP." Some shareholders stated they hoped AMP's executives would negotiate a friendly offer for the company.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
AMP steps up efforts to fend off Allied Signal takeover
Article Abstract:
AMP Inc. said that it is planning to repurchase up to 30 million shares in an attempt to prevent a hostile takeover bid by Allied Signal Inc. from succeeding. AMP is proposing to buy back the stocks for $55 per share. Allied Signal has made a $9.7 billion offer for all of AMP, which is trying to placate investors and win another a chance to show that its management can increase its profits and stock price.
Comment:
AMP Inc. plans to repurchase up to 30 million shares in an attempt to prevent a hostile takeover bid by Allied Signal
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Puerto Rican labor protest disrupts travel. Tenneco said to halt talks on ITT unit. MCI to acquire 2d-largest pager company
- Abstracts: Northwestern Mutual's deal to purchase Frank Russell gives it more wares to sell. Hartford Life buys $4 billion block of life insurance assets from MBL
- Abstracts: Computer age gains respect of economists. A parent's view of the World Wide Web as it reaches adolescence
- Abstracts: A new Leo Burnett acquisition will bestow on the agency company that T-word cachet. Ammirati Puris Lintas stakes its claim to cyberspace with a new unit, APL Digital
- Abstracts: Start-up leads phone cause in battle for Internet access. America Online buys When Inc., an Internet calendar provider