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.
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.
February 14, 1989 |
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.