AMP offers to buy shares as AlliedSignal fight continues
Article Abstract:
AMP Inc. of Harrisburg, PA, made a bid to buy back as many as 30 million of its own shares at $55 each to resist a takeover bid by AlliedSignal, which made a $44.50-a-share offer. A top official says the $1.65-billion self-tender offer was a so-called down payment to encourage shareholders to reject AlliedSignal's offer. However, the move had a negative effect on investors, which valued AMP's stock down to $2.19 to $37 a share. A brokerage official says AMP did not offer to purchase enough of its 218 million shares outstanding, and describes the offer as a weak attempt to counter AlliedSignal's takeover bid.
Comment:
Co's $44.50-a-share offer for AMP Inc being hindered by latter's attempt to buy back up to 30 mil shares at $55
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
AMP asks rejection of bid for takeover
Article Abstract:
AMP Inc. Chairman Robert Ripp appealed to shareholders to reject the $9.8 billion takeover bid made by AlliedSignal Inc., an aerospace equipment maker based in Morristown, NY. In a letter mailed to shareholders on Sep. 8, 1998, Ripp said the offer made to Harrisburg, PA-based AMP is inadequate and is not in the best interest of the AMP shareholders. Ripp instead urged shareholders to give the company's "Profit Improvement Plan" a chance to be implemented. AlliedSignal's tender offer for AMP, which makes electrical connectors, expires on Sep. 11, 1998.
Comment:
AMP Inc Chairman Robert Ripp urges shareholders to reject the $9.8 billion takeover bid made by co
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: AMP directors reject a takeover by AlliedSignal. AMP chairman quits after Tyco merger is approved. AMP will cut 3,500 jobs and close 2 Pa. plants
- Abstracts: Shipyard builder buying key equipment overseas. Probe asked of Kvaerner ship crane. Unions agree to shipyard contract
- Abstracts: Airline policy gains support. Extreme makeover for airline. Fledgling airline finally making profitable flights
- Abstracts: Strike shuts down Conrail 10 hours. Investors to buy maker of circuits. Tax breaks for two projects advance
- Abstracts: Conrail rolling on to sidetrack Sunoco is moving - just across the street. Founder buys back search company