Citicorp proclaimed victory Monday in its $680-million tender offer for Quotron Systems, announcing that it has bought 55% of Quotron's stock and expects to acquire most or all of the rest by the end of this week.
However, a Citicorp spokesman said the New York-based banking firm had not decided when it would exercise control over Quotron, a Los Angeles-based provider of electronic stock quotations and other financial information. The spokesman, John Maloney, said the issue of control is "really not a major question" because Citicorp plans to retain Quotron's current management.
Citicorp's announcement of victory ends a three-month tussle between the two firms. Citicorp, wanting Quotron as part of an ambitious expansion in the financial information industry, launched its $19-a-share tender offer last month after Quotron rejected as inadequate the banking firm's original cash merger proposal, which was made in March for the same price per share.
Quotron also called the second tender offer inadequate, but, in the absence of more attractive competing offers, the information firm said it would not fight the offer. Without competing offers or Quotron management resistance, a Citicorp victory was virtually assured.