February 11, 1989 |
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.
July 20, 1989 |
Directors of Newport Electronics Inc. in Santa Ana rejected a last-minute offer to sell 35% of the company's stock for $9.50 a share in favor of an offer to sell all the stock for $9 a share. Newport Electronics agreed in April to be acquired by Sensor Control for $9 a share, an offer that values the company at $10.8 million. The two companies plan to complete the acquisition next month. But two weeks ago investor Milton B. Hollander offered $9.50 a share, or $3.
November 1, 1989 |
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.
August 15, 1989 |
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.
August 30, 1989 |
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.
July 8, 1989 |
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.