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Edelman Studies Memorex's $911.4-Million Bid for Telex

December 09, 1987|Associated Press

NEW YORK — Asher B. Edelman said Tuesday that he is studying a Dutch company's $911.4-million offer for Telex Corp., which threatens to derail the New York investor's hostile $808.5-million bid for the telecommunications concern.

It was the first public comment from Edelman on the rival offer for Telex by Memorex International NV, which was announced Monday and endorsed by Telex management.

"My official response is I'm reviewing it," Edelman said when asked about the offer at a New York luncheon. He declined to elaborate.

Edelman, who specializes in acquiring what he believes are undervalued companies, has been maneuvering to win control of Telex in a hostile takeover fight that began Oct. 8.

At first he offered $65 a share for 10.5 million of the company's 14.7 million shares outstanding but lowered the bid to $55 a share after he faced financing problems and the price of Telex stock tumbled because of the Oct. 19 stock market crash.

Memorex is offering $56 in cash and $6 in securities for all shares of Telex, a maker of computer terminals and telecommunications equipment. The Tulsa, Okla.-based company's directors said the Memorex offer would be "advantageous to both companies and their customers."

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