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Newport Electronics Inc

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BUSINESS
August 8, 1989 | David Olmos, Times staff writer
Newport Electronics Inc.'s directors Monday endorsed a tender offer and merger proposal from Sensor Control Corp., saying it is superior to a sweetened offer from a rival bidder. Sensor, a Silicon Valley maker of heat and pressure sensors, is offering to buy 43% of Newport's outstanding shares for $9.75 each, and to buy the remaining shares for $9 each. Newport officials said the Sensor offer is better than one made by Connecticut investor Milton B. Hollander.
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BUSINESS
November 1, 1989 | DAVID OLMOS, TIMES STAFF WRITER
Milton B. Hollander, a Connecticut investor who owns 49% of the stock of Newport Electronics Inc., has ousted the precision instrument maker's top management and assumed the positions of chairman and chief executive, the company announced Tuesday. At a special shareholder meeting Friday, Hollander ousted the entire board of directors of the Newport Beach company and replaced them with his own handpicked directors.
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BUSINESS
August 9, 1989 | DAVID OLMOS
Newport Electronics Inc. Chairman Barret B. Weekes plans to sell his 18.6% stake in the Santa Ana company to a Connecticut investor, spurning the recommendation of Newport's board to accept a buyout proposal from a Silicon Valley firm. Newport Electronics said Tuesday that Weekes informed the company he will tender his 214,722 shares to High Technology Holding Corp., a company headed by Milton B. Hollander, who has offered to pay $11 per share for 35% of Newport's stock.
BUSINESS
October 28, 1989 | JOHN O'DELL, TIMES STAFF WRITER
In a surprise move, the new major shareholder of Newport Electronics has ousted the precision-measuring instrument maker's entire board of directors. Milton B. Hollander, a disgruntled Newport Electronics investor who last month gained control of 49% of the company's stock, earlier had said he would replace only three of Newport's five directors once he took control. He apparently had intended to leave Chief Executive Barrett B.
BUSINESS
February 11, 1989 | DAVID OLMOS, Times Staff Writer
Barret B. Weekes, chairman and president of Newport Electronics Inc., has offered to purchase the company for $9 a share in an all-cash deal valued at $7.4 million. Weekes is proposing to buy the 72% of the company's 1.1 million shares outstanding not already owned by himself and seven other senior managers of the firm, who may participate in the buyout. Weekes personally holds a 20% stake in the electronic instruments maker, according to a federal filing.
BUSINESS
November 1, 1989 | DAVID OLMOS, TIMES STAFF WRITER
Milton B. Hollander, a Connecticut investor who owns 49% of the stock of Newport Electronics Inc., has ousted the precision instrument maker's top management and assumed the positions of chairman and chief executive, the company announced Tuesday. At a special shareholder meeting Friday, Hollander ousted the entire board of directors of the Newport Beach company and replaced them with his own handpicked directors.
BUSINESS
August 15, 1989 | DAVID OLMOS, Times Staff Writer
Newport Electronics Inc. has scrapped its merger proposal with a Silicon Valley firm, clearing the way for a rival bid from a Connecticut investor who is trying to gain control of the Santa Ana-based electronic instrument maker. But Sensor Control Corp., a Sunnyvale company, said Newport violated the conditions of its merger agreement and will have to pay Sensor a $400,000 termination fee. In a statement, Newport said Sensor "might be" entitled to the fee. Milton B.
BUSINESS
August 30, 1989 | DAVID OLMOS, Times Staff Writer
Newport Electronics Inc.'s largest shareholder has asked a federal court to block the Santa Ana firm from paying a $400,000 "bust-up" fee to a Silicon Valley company in the wake of a scrapped merger attempt. Connecticut investor Milton B. Hollander claims in a lawsuit that Sensor Control Corp. of Sunnyvale is not entitled to a $400,000 fee for legal, administrative and other expenses incurred when it tried unsuccessfully to merge with Newport. The suit, filed on Aug. 20 in U.S.
BUSINESS
July 8, 1989 | DAVID OLMOS, Times Staff Writer
Like the wedding guest who objects to the marriage at the last moment, a Connecticut investor has spoken up in a bid to ruin the proposed merger between Newport Electronics Inc. and a Silicon Valley company. Milton B. Hollander of Stamford, Conn., who owns a 13% stake in Newport Electronics, launched a bid Thursday to take control of the Santa Ana firm, just one month before Newport's proposed merger with Sensor Control Corp. of Sunnyvale is expected to be completed.
BUSINESS
February 14, 1989 | MICHAEL FLAGG, Times Staff Writer
Just 2 days after Chairman Barret B. Weekes offered to buy Newport Electronics Inc. for $10 million, the Santa Ana company's directors fell into the arms of another suitor who had earlier offered the same price. That suitor is Sensor Control Corp., an aggressive Silicon Valley manufacturer of heat and pressure sensors that run machines on factory assembly lines.
BUSINESS
August 30, 1989 | DAVID OLMOS, Times Staff Writer
Newport Electronics Inc.'s largest shareholder has asked a federal court to block the Santa Ana firm from paying a $400,000 "bust-up" fee to a Silicon Valley company in the wake of a scrapped merger attempt. Connecticut investor Milton B. Hollander claims in a lawsuit that Sensor Control Corp. of Sunnyvale is not entitled to a $400,000 fee for legal, administrative and other expenses incurred when it tried unsuccessfully to merge with Newport. The suit, filed on Aug. 20 in U.S.
BUSINESS
August 15, 1989 | DAVID OLMOS, Times Staff Writer
Newport Electronics Inc. has scrapped its merger proposal with a Silicon Valley firm, clearing the way for a rival bid from a Connecticut investor who is trying to gain control of the Santa Ana-based electronic instrument maker. But Sensor Control Corp., a Sunnyvale company, said Newport violated the conditions of its merger agreement and will have to pay Sensor a $400,000 termination fee. In a statement, Newport said Sensor "might be" entitled to the fee. Milton B.
BUSINESS
August 9, 1989 | DAVID OLMOS
Newport Electronics Inc. Chairman Barret B. Weekes plans to sell his 18.6% stake in the Santa Ana company to a Connecticut investor, spurning the recommendation of Newport's board to accept a buyout proposal from a Silicon Valley firm. Newport Electronics said Tuesday that Weekes informed the company he will tender his 214,722 shares to High Technology Holding Corp., a company headed by Milton B. Hollander, who has offered to pay $11 per share for 35% of Newport's stock.
BUSINESS
August 8, 1989 | David Olmos, Times staff writer
Newport Electronics Inc.'s directors Monday endorsed a tender offer and merger proposal from Sensor Control Corp., saying it is superior to a sweetened offer from a rival bidder. Sensor, a Silicon Valley maker of heat and pressure sensors, is offering to buy 43% of Newport's outstanding shares for $9.75 each, and to buy the remaining shares for $9 each. Newport officials said the Sensor offer is better than one made by Connecticut investor Milton B. Hollander.
BUSINESS
July 28, 1989 | MARIA L. LA GANGA, Times Staff Writer
A Connecticut investor, whose $9.50-per-share offer was rebuffed last week by Newport Electronics, has sweetened his offer for 35% of the company's stock to $11 per share. In documents filed Wednesday with the Securities and Exchange Commission, Milton B. Hollander upped his original offer to increase his holdings in the Santa Ana maker of electronics instruments. Hollander--both individually and through a holding company called High Technology Holding Corp.
BUSINESS
July 8, 1989 | DAVID OLMOS, Times Staff Writer
Like the wedding guest who objects to the marriage at the last moment, a Connecticut investor has spoken up in a bid to ruin the proposed merger between Newport Electronics Inc. and a Silicon Valley company. Milton B. Hollander of Stamford, Conn., who owns a 13% stake in Newport Electronics, launched a bid Thursday to take control of the Santa Ana firm, just one month before Newport's proposed merger with Sensor Control Corp. of Sunnyvale is expected to be completed.
BUSINESS
July 28, 1989 | MARIA L. LA GANGA, Times Staff Writer
A Connecticut investor, whose $9.50-per-share offer was rebuffed last week by Newport Electronics, has sweetened his offer for 35% of the company's stock to $11 per share. In documents filed Wednesday with the Securities and Exchange Commission, Milton B. Hollander upped his original offer to increase his holdings in the Santa Ana maker of electronics instruments. Hollander--both individually and through a holding company called High Technology Holding Corp.
BUSINESS
February 14, 1989 | MICHAEL FLAGG, Times Staff Writer
Just 2 days after Chairman Barret B. Weekes offered to buy Newport Electronics Inc. for $10 million, the Santa Ana company's directors fell into the arms of another suitor who had earlier offered the same price. That suitor is Sensor Control Corp., an aggressive Silicon Valley manufacturer of heat and pressure sensors that run machines on factory assembly lines.
BUSINESS
February 11, 1989 | DAVID OLMOS, Times Staff Writer
Barret B. Weekes, chairman and president of Newport Electronics Inc., has offered to purchase the company for $9 a share in an all-cash deal valued at $7.4 million. Weekes is proposing to buy the 72% of the company's 1.1 million shares outstanding not already owned by himself and seven other senior managers of the firm, who may participate in the buyout. Weekes personally holds a 20% stake in the electronic instruments maker, according to a federal filing.
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