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Aerospace

November 17, 1994|From Times Staff and Wire Reports

Rockwell Alters Reliance Electric Bid: The Seal Beach-based aerospace and industrial concern, looking to strike a friendly merger with Reliance, said it removed most of the conditions attached to its $1.5-billion offer, provided Reliance removes its anti-takeover "poison pill" defenses. Rockwell said the few remaining conditions would include that at least a majority of Reliance's stock be tendered to the company. Rockwell also said that if no agreement is reached, it will pursue its cash tender offer of $30 a share. Reliance, which has been neutral toward Rockwell's bid, earlier agreed to be acquired by General Signal.

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