GENERAL SIGNAL/RELIANCE MERGER AGREEMENT TERMINATED; GENERAL SIGNAL RECEIVES BREAK-UP FEE.STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--November 21, 1994--General Signal Corporation announced that based on Reliance Electric and Rockwell Rock·well , Norman 1894-1978. American illustrator whose works, many of which appeared on the cover of the Saturday Evening Post, offer a nostalgic, idealized view of everyday American life. Noun 1. International's agreement today, its agreement to merge with Reliance Electric Company has terminated and General Signal has received $55.150 million as a break-up break-up noun 1. separation, split, divorce, breakdown, ending, parting, breaking, splitting, wind-up, rift, disintegration, dissolution, termination noun 2. fee and expenses reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. . "We've we've Contraction of we have. we've have said all along that General Signal's offer was the best one on the table for both shareholder groups," said Edmund M. Carpenter, chairman and chief executive officer. "General Signal is totally committed to and focused on enhancing shareholder value and we would not compromise that position by entering into a bidding war -- and the possibility of a dilutive transaction -- over Reliance. Our "bolt-on" acquisition strategy has been highly successful, in part, as a result of the pricing discipline we've established in consummating transactions that benefit our shareholders. He added, "We have gotten to know the people of Reliance very well and believe that they are a strong team. We wish them well." General Signal will utilize the $55.150 million proceeds to accelerate programs that will benefit future earnings improvement. -0- General Signal Corporation, with estimated 1994 sales in excess of $1.7 billion, is a leading manufacturer of equipment and instruments fore fore front, e.g. forelimb. fore cannon the third metacarpal bone of the horse. the process control, electrical, and industrial technology industries. CONTACT: General Signal Corporation, Stamford Mary Jane Guffey, 203/329-4322 |
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