Reliance Electric Co

Rockwell International Corp., further abandoning its aerospace heritage in favor of growing commercial markets, Thursday launched an unsolicited bid to buy Reliance Electric Co. for $1.5 billion in cash. The tender offer by Seal Beach-based Rockwell stunned Reliance, which had agreed in August to merge with General Signal Corp. in a $1.3-billion stock swap. Cleveland-based Reliance makes motors, drives, generators and other industrial products.

Debt Notes: Rockwell International Corp. in Seal Beach sold $500 million of corporate debt Tuesday to help it in its recent acquisition of Reliance Electric Co., which makes industrial and telecommunications equipment. Rockwell sold $300 million of three-year notes and $200 million in 10-year notes, according to spokeswoman Christine Castro. Rockwell completed its acquisition of Reliance, which is based in Cleveland, at the end of January for $1.6 billion in cash.

Rockwell Says Offer for Reliance Has Cleared Hurdles: The Seal Beach-based aerospace company said it has obtained all the regulatory approvals for its $30-a-share tender offer for all outstanding stock of Reliance Electric Co. Rockwell International Corp. announced the offer last month as it moved to buy Cleveland-based Reliance for $1.5 billion in cash. That beats a $1.4-billion stock swap offer that General Signal Corp. made for Reliance on Aug. 30.

Rockwell International Corp. said Monday that it has completed its $1.6-billion cash acquisition of Reliance Electric Co. and now will try to sell the Cleveland company's telecommunications business. Rockwell, based in Seal Beach, acquired all of Reliance's shares outstanding on Friday. However, it had taken control in early December by acquiring a majority of the stock in a hostile bid for the manufacturer of industrial automation equipment and telecommunications products.

Responding to a $1.5-billion hostile takeover bid from Seal Beach-based Rockwell International Corp., Reliance Electric Co., the Cleveland-based industrial products concern, asked its stockholders not to tender their shares to the firm until Reliance's board weighs the $30-a-share cash offer. The directors are "carefully considering the terms," said Reliance, which earlier agreed to merge with General Signal Corp. in a stock swap valued at $1.3 billion.

Reliance Electric Co. Urges Holders to Wait: The Cleveland-based industrial products concern, responding to a $1.5-billion hostile takeover bid from Seal Beach-based Rockwell International Corp., asked its stockholders not to tender their shares to the firm until Reliance's board weighs the $30-a-share cash offer. The directors are "carefully considering the terms," said Reliance, which earlier agreed to merge with General Signal Corp. in a stock swap valued at $1.3 billion.

General Signal, Reliance Electric to Merge: General Signal Corp., seeking critical mass to compete globally in the industrial equipment market, has agreed to acquire Reliance Electric Co. of Cleveland in a stock swap valued at about $1.4 billion. The transaction gives Stamford, Conn.-based General Signal access to Reliance's fledgling fiber-optics business.

Rockwell International Corp. said Monday that it has completed its $1.6-billion cash acquisition of Reliance Electric Co. and now will try to sell the Cleveland company's telecommunications business. Rockwell, based in Seal Beach, acquired all of Reliance's shares outstanding on Friday. However, it had taken control in early December by acquiring a majority of the stock in a hostile bid for the manufacturer of industrial automation equipment and telecommunications products.

Rockwell International Corp. said Wednesday it has completed its cash tender offer for Reliance Electric Co., paying $1.03 billion for 63% of the company's common shares. Rockwell, based in Seal Beach, said it plans to buy 100% of Reliance, but other steps need to be taken, company officials said. Because part of a second class of Reliance stock with greater voting rights also was tendered, Rockwell now holds 89% of Reliance's voting stock outstanding.

Rockwell International finally succeeded Monday in its $1.5-billion bid to acquire Reliance Electric, a cash deal that will accelerate Rockwell's push into the highly profitable and growing industrial automation business. Acting with uncharacteristic aggressiveness, Seal Beach-based Rockwell wrested Reliance from another suitor, topping a bid by General Signal by $100 million.

Rockwell Extends Reliance Tender Offer: The Seal Beach-based defense company said the $1.5-billion offer for Reliance Electric shares would expire on midnight Nov. 28. As of Friday, 61.2% of Reliance's voting stock had been tendered. Cleveland-based Reliance, which has already agreed to a $1.4-billion merger with General Signal Corp. of Stamford, Conn., faces a noon deadline today to reach an agreement with Rockwell.

Rockwell International Corp. said Thursday that it will open talks next week with acquisition target Reliance Electric Co., which had requested time to consider Rockwell's tender offer. Reliance has already agreed to a $1.4-billion stock-swap merger with General Signal Corp. of Stamford, Conn. Reliance said that if it breaks that deal, it would have to pay General Signal a $50-million termination fee plus $5.15 million for expenses.

Rockwell International Corp. said Thursday it has lined up $2.5 billion in new credit, removing the last barrier to its proposed buyout of Reliance Electric Co.--except for Reliance's refusal to sell. Rockwell said it has arranged two revolving credit lines with a group of 27 banks led by Morgan Guaranty Trust Co.: one for $1.5 billion, with a term of five years, and one for $1 billion, with a term of 364 days.