February 20, 1991 |
Square D Co. said Tuesday that it is willing to discuss an unsolicited merger offer from a French construction firm. Square D Chairman Jerre L. Stead said in a prepared statement that while the company is willing to discuss the $78-per-share offer from Schneider S.A., the firm's board has indicated in the past that the company plans to remain independent. The offer values Square D, an industrial control and electrical products maker, at about $1.774 billion.
March 5, 1991 |
Schneider S.A. of France on Monday appealed directly to shareholders in a hostile takeover bid for Square D Co. The Schneider subsidiary set up to take over Square D--SQD Acquisition Co.--announced a cash tender offer of $78 per share, or $1.92 billion, for all outstanding common and preferred shares of the electrical equipment maker. Square D's board last week spurned the same offer from the French fuse box maker, a major competitor.
February 23, 1991 |
Schneider SA of France stepped up pressure Friday on takeover target Square D. Co., saying it will nominate candidates to the electric-device maker's board in what could become a proxy fight for control. Square D said Schneider informed the company it plans to nominate candidates for all 11 board seats at Square D's annual shareholders meeting April 24. Schneider, a major French manufacturer of electrical devices, offered on Tuesday to buy Square D for $78 per share, or at least $1.92 billion.