AMP builds takeover defense

Article Abstract:

AMP, a Harrisburg, PA-based electronic connector manufacturer, criticizes the strategy AlliedSignal is employing to accomplish its $10 billion hostile takeover bid. Morristown, NJ-based AlliedSignal filed a consent solicitation with the Securities and Exchange Commission as a mean to bypass AMP's board and directly seek the approval of AMP shareholders for its takeover attempt. AMP, whose tough anti-takeover laws are blocking the AlliedSignal hostile bid, said that the company's board is committed to serve AMP shareholders in their best interests. AlliedSignal attempts to instate 17 selected members onto AMP's board of directors. AMP's board has until Aug. 21, 1998 to respond to AlliedSignal's offer. AlliedSignal is a manufacturer of automotive and aerospace parts.

Comment:

Files consent solicitation w/ the Securities & Exchange Commission as a strategy to acquire AMP in $10 bil hostile takeover bid

Electronic Connector Manufacturing, Electronic Connectors, AlliedSignal Inc.

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AlliedSignal may sweeten AMP offer

Article Abstract:

AlliedSignal, a manufacturer of aerospace and auto parts, has expressed willingness to raise its $9.8-billion unsolicited takeover offer to acquire AMP of Harrisburg, PA, the biggest maker of electronic connectors in the world. Wall Street is becoming increasingly doubtful whether AlliedSignal can get pass through Pennsylvania strict takeover laws and ultimately take control of AMP. And in the event that AlliedSignal prevails over the legal obstacles, the deal may turn out to be too expensive. AMP has refused to negotiate with AlliedSignal and has declined to comment about AlliedSignal's offer to raise its offer.

Comment:

Expresses willingness to raise its $9.8-billion unsolicited takeover offer to acquire AMP

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Surprising hostile bid was one year in making

Article Abstract:

AlliedSignal has issued a hostile bid to purchase AMP in a deal worth 9.8 billion. AlliedSignal CEO Lawrence Bossidy, who earlier stated that it took him a year to plan AMP's purchase, declared that he hopes AMP would negotiate with AlliedSignal to resolve any issues regarding his firm's offer. Bossidy stated that AMP, a $5.7 billion Harrisburg, PA-based manufacturer of electronic connectors, could diversify if it submitted itself to AlliedSignal, a $14.5 billion maker of aerospace and automotive parts based in New Jersey.

Comment:

Issues a hostile bid to purchase AMP in a deal worth 9.8 billion

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