TELEDYNE TURNS DOWN TAKEOVER BID BY WHX.Byline: Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Teledyne Inc. rejected WHX Corp.'s 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. takeover offer Thursday, saying the company was worth far more than the $1.78 billion the New York-based parent of Wheeling-Pittsburgh Steel Wheeling-Pittsburgh Steel is a steel manufacturer based in Wheeling, West Virginia, which is located at the edge of the Pittsburgh metropolitan area. In December 1968, Pittsburgh Steel Company was merged into Wheeling Steel Corporation to form the current company. Corp. wanted to pay. "We have concluded that the terms of the WHX proposal do not measure up to the value we expect our business plans will generate," Chairman William P. Rutledge and President Donald B. Rice said in a joint statement. WHX upped its offer for the Los Angeles-based conglomerate by about $110 million to $32 a share in cash and stock Monday after it got no response to an offer two weeks earlier of $30 per share, or $1.67 billion. Officials of WHX weren't available after business hours BUSINESS HOURS. The time of the day during which business is transacted. In respect to the time of presentment and demand of bills and notes, business hours generally range through the whole day down to the hours of rest in the evening, except when the paper is payable it a bank or by a Thursday at the company's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of offices. Teledyne's announcement was made after the stock market closed. Teledyne shares closed down 12-1/2 cents at $28.12-1/2 on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . WHX shares were up 12-1/2 at $11.64-1/2 Lured by Teledyne's hefty pension fund, WHX has made a series of offers for the company. WHX has said it will try to take over Teledyne's board by nominating its own slate of directors at Teledyne's annual meeting April 24.WHX Chairman Ronald LaBow has said the latest offer - $22 per share in cash and $10 in WHX common stock - represents a substantial premium for Teledyne shareholders. But Teledyne said its 1995 performance was strong and "earnings will continue to improve, resulting in value for shareholders far greater than the consideration offered in the WHX proposal." As a result of earlier takeover sparring, LaBow wound up with a seat on Teledyne's board. At his urging, Teledyne explored selling all or part of the company. It later announced that shareholders were best served by keeping it independent. |
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