United Video pulls its $2.8 billion bid for rival Gemstar

Article Abstract:

United Video Satellite Group Inc. withdrew its $2.8 billion bid for rival Gemstar International Group Ltd. after Gemstar's board rejected the offer. Gemstar said the $45-a-share offer was financially inadequate. Gemstar's chairman, Thomas Lau, owner of around 24% of the shares, favored a deal with United Video. Viacom Inc. and Thomson Consumer Electronics Inc. are major owners of Gemstar and also have board representation. United Video is controlled by Tele-Communications Inc.

Comment:

United Video withdrew its $2.8 billion bid for rival Gemstar

Audio and Video Equipment Manufacturing, Satellite Telecommunications, Audio Components, Satellite Voice Communications, Gemstar International Group Ltd., Satellite telephony, United Video Satellite Group Inc.

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SPX is buying General Signal for $2 billion

Article Abstract:

SPX Corp. is acquiring General Signal Corp. for approximately $45 per share in stock and cash. This comes out to approximately $2 billion. The acquisition is a move outside of the automotive industry for SPX. The boards of both companies have given their approval to the acquisition. The purchase will establish an entity that will have $2.5 billion in sales in the industrial and automotive businesses.

Comment:

SPX Corp. to acquire General Signal Corp. for approximately $45 per share in stock and cash

Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables, Process Instruments, Controls, Carburetor, Piston, Piston Ring, and Valve Manufacturing, Carburetors, Rings & Valves, Process control equipment, Engine parts, General Signal Corp., SPX Corp.

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