AMP files suit to block takeover

Article Abstract:

AMP Inc. of Harrisburg, PA, has filed a suit in Philadelphia to prevent AlliedSignal Inc. from electing its own representatives on the AMP board as part of an unsolicited $10-billion takeover bid. The lawsuit came after AMP denied AlliedSignal's bid to take control of the biggest manufacturer of electrical and electronic interconnection systems in the world. Morristown, NJ-based AlliedSignal, a producer of aerospace and automotive goods, said that the lawsuit is just another dilatory strategy, but it will not prevent the company from going forward with its takeover attempt.

Comment:

Is sued to bar the co from electing its reps on AMP Inc board as part of an unsolicited $10-bil takeover bid

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Majority accept an offer for AMP

Article Abstract:

AlliedSignal Inc. of Morristown, NJ, is planning to acquire 18% of AMP Inc. of Harrisburg, PA, for $1.78 billion while it scouts for a way to render AMP's poison pill strategy useless in the face of a hostile takeover bid. Stockholders of AMP have already tendered 72% of the outstanding shares which is equivalent to 157 million shares, noted AlliedSignal chairman Larry Bossidy. However, AMP is prepared to activate its poison-pill defense should aerospace player AlliedSignal gain over 20% of AMP, stated Bossidy.

Comment:

Is planning to acquire 18% of AMP Inc. of PA for $1.78 billion while it scouts for a way to render poison pill useless

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