Inco revises poison pill, but says no deals brewing

Article Abstract:

Inco Ltd., the Toronto, Ontario-based nickel giant, will revise its poison pill when it expires in October 1998. The new poison pill, or shareholders' rights plan, will give shareholders the right to buy more shares at 50% of the market price. The right, however, can only be exercised when an outside party launches a takeover bid involving at least 20% of Inco's shares. The plan includes a new exception for permitted bids, which are offers presented to all shareholders that are open for at least 60 days. The company, meanwhile, denied that the revision of the poision pill is due to takeover rumors.

Comment:

Will revise its poison pill when it expires in October 1998

Stockholder data, Nonferrous Metals, Primary Metal Manufacturing, Metal products, Inco Ltd.

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Livent says it is insolvent

Article Abstract:

Livent Inc. has announced that it is insolvent and it will implement a comprehensive financial restructuring to cover up massive accounting irregularities it unveiled since August 1998. The company also declared it is revising its financial statement for 19996, 1997 and the first quarter of 1998, a move that is expected to bring down figures for those periods by a total of C$85.1 million. For the second quarter of 1998, Livent posted loss of C$45.8 million brought largely by the amount spent by the company to write down assets and other charges that amounted to C$26.1 million.

Comment:

Declares it is insolvent & it will implement comprehensive financial restructuring to cover up accounting irregularities

Capital funds & cash flow, Theatrical Producers & Artists, Performing Arts Companies, Livent Inc.

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