TELEDYNE OFFERED 3RD BID FROM WHX\Los Angeles-based firm to review buyout.Byline: Matthew Matthew one of the twelve disciples. [N.T.: Matthew] See : Evangelism J. Doherty
A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. Business News WHX Corp. said it offered to buy Teledyne Teledyne Technologies Inc. NYSE: TDY is an industrial conglomerate primarily based in the United States but with global operations. It was founded in 1960 by Henry Singleton and George Kozmetsky. Inc. for about $1.67 billion, or $30 a share, in cash and stock, WHX's third bid in a little more than a year for the company. Teledyne, whose products include the Water Pik, aircraft engines, electronics and specialty metals, said it would consider WHX's offer and "respond in due course." The per-share offer is 11 percent higher than Teledyne's stock price, which rose -1/8 to 27. The offer is about two-thirds cash. Los Angeles-based Teledyne rejected a previous bid of $1.2 billion, or $22 a share, in cash and convertible stock from New York-based WHX in November 1994. After Teledyne put itself up for sale in March, WHX raised the cash portion of its $22-a-share offer to $18 from at least $11, with the rest to be paid in common stock. WHX, whose main business is steel, has been eyeing Teledyne to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. its holdings and obtain Teledyne's overfunded pension fund, which has a surplus of about $1 billion, analysts said. WHX Chairman Ronald LaBow was elected to a seat on Teledyne's board of directors in April. Teledyne put itself up for sale last year amid its opposition to a hostile bid by WHX and then reversed course in October, saying its board decided to stop actively looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a buyer. Teledyne didn't rule out a sale, however. In a letter Friday to Teledyne Chairman William Rutledge, LaBow proposed the sweetened sweet·en v. sweet·ened, sweet·en·ing, sweet·ens v.tr. 1. To make sweet or sweeter by adding sugar, honey, saccharin, or another sweet substance. 2. To make more pleasant or agreeable. offer under which Teledyne shareholders would receive the combination of two-thirds in cash and one-third in WHX common stock. WHX has about $420 million in cash and cash equivalents that could be used to complete the acquisition, LaBow wrote. "We trust that the Teledyne board of directors will recognize the extraordinary opportunity that a combination of WHX represents for Teledyne shareholders," LaBow wrote. Teledyne shares have risen 58 percent since WHX disclosed its initial offer Dec. 21, 1994, a little more than three weeks after it was rejected. WHX announced its latest bid after the stock market closed. WHX shares fell -1/8 to 13-1/8. |
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