November 14, 1987 |
Singer Co. advised its shareholders Friday to reject an unsolicited $1.06-billion tender offer from a group led by Paul Bilzerian and said that it had sued the Florida investor for allegedly violating securities laws in mounting the bid. The $50-a-share offer was inadequate and "contains many uncertainties," including the ability to raise financing for completing the offer, chairman William F. Schmied wrote in a letter to shareholders.
November 3, 1987 |
A $1.08-billion unsolicited offer for Singer was made Monday by Florida investor Paul A. Bilzerian, who disclosed last Thursday that an investor group he leads had purchased nearly 10% of the aerospace firm's stock. The offer was the first significant hostile acquisition effort since the stock market crashed two weeks ago.
August 8, 1987 |
In his second major foray into the aerospace industry, T. Boone Pickens Jr. said Friday that his Mesa Limited Partnership has gained control of 4.4% of Singer Co. shares and is seeking federal approval to acquire up to 15% of the Stamford, Conn.-based defense electronics firm. Mesa disclosed Friday that it had notified the Federal Trade Commission under the Hart-Scott-Rodino Act of its intention to acquire the additional Singer shares and that it expects clearance within 30 days.
August 8, 1987 |
Isaac Merrit Singer did not invent the sewing machine, but he is credited with developing the first practical sewing device that revolutionized the production of garments--and domestic life--in America. The company he founded in 1851, which has become the most recent target of corporate raider T. Boone Pickens Jr., left the sewing machine business last year in favor of greater emphasis on military electronics, a move it said would result in an "increased strategic focus."
February 18, 1986 |
Singer Co. wants to pull out of the sewing machine industry it once dominated worldwide and concentrate on expanding its aerospace and military product lines, company officials said today. Thomas Elliott, vice president of corporate relations, said Singer's board of directors has directed management to investigate the possibility of spinning off its sewing and furniture operations into a separate, independent company. Stock in the new company would then be distributed to Singer Co.