Advertisement

NATION / WORLD: ELECTRONICS

AlliedSignal Loses Round in Fight for AMP

October 09, 1998|Bloomberg News and Reuters

AlliedSignal Inc. Chairman and Chief Executive Lawrence Bossidy said a Pennsylvania judge's decision won't delay an AMP Inc. shareholder vote on AlliedSignal's $9.8-billion hostile bid for the world's largest maker of electronic connectors. U.S. District Judge James Giles in Philadelphia ruled that AMP can use its so-called poison-pill defense to fend off AlliedSignal's bid. He also said AlliedSignal's attempt to get shareholders to consent to its takeover bid was improper. "We don't see that this will delay us," Bossidy told Bloomberg News. Morris Township, N.J.-based AlliedSignal will study the ruling and comment further Friday, Bossidy said. At that time, the maker of Prestone antifreeze, auto parts and aerospace parts will decide whether to proceed with its planned purchase of 9% of AMP's shares, he said. AMP's poison pill is activated when a suitor buys 10% or more of the company's shares. AMP has been fighting off AlliedSignal's hostile takeover since early August. It had hoped to use a consent solicitation to install its own majority on AMP's board in order to facilitate a merger between the two companies.

Advertisement
Los Angeles Times Articles
|
|
|