AT&T loss in NCR vote is expected

Article Abstract:

AT&T is expected to fall short of the 80 percent shareholder support vote it needs to oust the current board of directors at the special NCR stockholder meeting on March 28. AT&T's original offer of $90 per share has been raised to $100 per share providing the company gets the 80 percent vote. Currently, 70 percent of shareholders have tendered their shares for the original offer. AT&T stands to gain four seats on the 12-man NCR board even if it does not get the vote. NCR stock fell to $97.125 per share in market trading. Should the board-room coup fail, AT&T plans to take legal action, seeking to have NCR's anti-takeover defenses deemed unlawful.

Telephone communications, exc. radio, Planning, Acquisitions and mergers, Stockholder, Legal Issues

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NCR chief reasserts view that A.T.&T. bid is too low

Article Abstract:

NCR Corp Chmn Charles E. Exley indicates that AT and T's $90-a-share takeover offer is too low. Exley indicates that the offer was intended to take advantage of a 46-month low in the stock's price. NCR's stock closed at $98.25 a share on Mar 8, 1991, well above AT and T's current offer. The NCR Chmn also says that the board will review any serious offer carefully. He has indicated in the past that NCR stock is worth around $125 a share; he believes that the company's strategy will allow it to outperform the AT and T offer. Exley does acknowledge that the corporate strategy is a risky one because the computer industry is a risky industry.

COMMUNICATION, Management, Telecommunications services industry, Telecommunications industry, Computer Industry, Exley, Charles E., Jr.

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