Printer Friendly

PRELIMINARY INJUNCTION HEARING DATE SET IN ALLIANT TECHSYSTEMS/OLIN CORPORATION TRANSACTION

 PRELIMINARY INJUNCTION HEARING DATE SET IN ALLIANT
 TECHSYSTEMS/OLIN CORPORATION TRANSACTION
 MINNEAPOLIS and STAMFORD, Conn., Nov. 6 /PRNewswire/ -- Alliant Techsystems (NYSE: ATK) and Olin Corporation (NYSE: OLN) today said the U.S. Federal District Court, District of Columbia, has set Nov. 16 as the date for a hearing to consider the U.S. Federal Trade Commission's motion for a preliminary injunction to block a transaction involving the exchange of a major portion of Olin's defense businesses for approximately 22 percent of Alliant Techsystems stock.
 The U.S. Federal Trade Commission yesterday voted to oppose the transaction following a review under the provision of the Hart-Scott- Rodino Antitrust Improvements Act of 1976.
 The issuance of a preliminary injunction would restrain the companies from closing until the courts have fully judged whether or not the transaction violates the provision of applicable antitrust laws.
 Alliant Techsystems and Olin said they will vigorously oppose the issuance of a preliminary injunction because they believe the transaction fully complies with federal antitrust laws.
 The companies said they continue to believe strongly that the transaction is a sound strategic response to the need for rational consolidation to preserve the country's defense industrial base, and will benefit both the U.S. government and the American taxpayer.
 On April 29, Alliant Techsystems and Olin announced an agreement in principle involving the exchange of Olin's Ordinance Division and Physics International Company, including approximately $65 million of debt, for 2.82 million shares of Alliant Techsystems common stock. A definitive agreement was announced on Aug. 5.
 The transaction is subject to approval by Alliant Techsystems shareholders at the company's annual meeting which will be held Nov. 24.
 Alliant Techsystems supplies defense and marine systems to the U.S.
government and its allies. The company is headquartered in Edina,


Minn., and employs 5,600 people throughout the United States. Sales from continuing operations for the fiscal year ended March 31, 1992 were $1.2 billion.
 Olin Corporation is concentrated primarily in chemicals, materials and metals, defense, sporting ammunition, and aerospace. The company is headquartered in Stamford, Conn., and employs 14,400 people in the United States and abroad. Olin reported 1991 revenues of $2.3 billion.
 -0- 11/6/92
 /CONTACT: Rod Bitz, media relations, 612-939-2646, or Richard N. Jowett, investor relations, 612-939-2777, both of Alliant Techsystems; or William Werfelman, media relations, 203-356-2018, or Richard Koch, investor relations, 203-356-3254/
 (ATK,OLN) CO: Alliant Techsystems ST: Minnesota, Connecticut IN: ARO CHM SU:


LD-AH -- NY066 -- 8375 11/06/92 19:08 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 6, 1992
Words:418
Previous Article:STEPAN COMPANY INCREASES QUARTERLY DIVIDEND
Next Article:MICHIGAN OTC CHANGES, PROVIDED BY FIRST OF MICHIGAN CORP., TODAY: NOV. 6, 1992
Topics:


Related Articles
FEDERAL TRADE COMMISSION VOTES TO OPPOSE ALLIANT TECHSYSTEMS/OLIN CORPORATION TRANSACTION
ALLIANT TECHSYSTEMS EXPECTS LOWER SALES IN FISCAL YEAR 1994
FEDERAL COURT GRANTS PRELIMINARY INJUNCTION ENJOINING ALLIANT TECHSYSTEMS/OLIN CORPORATION TRANSACTION
ALLIANT TECHSYSTEMS COMPLETES ACQUISITION OF ASTRA UPC CORPORATION AND ACCUDYNE AND KILGORE SUBSIDIARIES
ALLIANT TECHSYSTEMS ENTERS INTO DISCUSSIONS WITH FERRULMATIC, INC.
ALLIANT TECHSYSTEMS COMPLETES ACQUISITION OF FERRULMATIC, INC.
EXPIRATION OF HART-SCOTT-RODINO WAITING PERIOD CLEARS WAY FOR ALLIANT TECHSYSTEMS' ACQUISITION OF HERCULES AEROSPACE
Alliant Techsystems and Oerlikon-Contraves Pyrotec Sign Licensing Agreement for 35mm Ammunition
Alliant Techsystems to Sell Marine Systems Group to Hughes Electronics Corporation For $141 Million
Craig Laue Joins Alliant Techsystems to Sell New Document Use Software

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters