A.T.&T. raises bid for NCR; computer maker will study offer of $110 a share in stock
Article Abstract:
AT and T renews its bid for NCR Corp with an offer of $110 a share. The AT and T offer does not involve cash but stock from the telecommunications company. NCR officials indicated that they will consider the deal but expressed skepticism over the ability of the stock to maintain its value during the closing days of the deal. AT and T's stock closed at $37.375 a share on Apr 19, 1991. AT and T's offer includes an amendment guaranteeing that NCR stockholders will receive $110 a share as long as AT and T's stock remains above $35.50 a share. The deal would be only worth $104.60 a share if AT and T's stock drops to its early Apr 1991 value of $33.75 a share. AT and T's current offer replaces its previous offer of $90 a share.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1991
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A.T.&T. deal with NCR may be close; computer maker gives conditional acceptance to $110-a-share offer
Article Abstract:
NCR Corp gives a conditional acceptance of AT and T's $110-a-share acquisition offer. The computer maker agreed to the AT and T offer provided that IBM gives additional protection to NCR shareholders to ensure the $110-a-share purchase. The AT and T offer involves the swap of AT and T stock for NCR stock and the NCR board of directors wants there to be more protection for its stock holders if AT and T stock drops during the time it will take to finalize the acquisition. Most industry observers believe that the acquisition is all but finalized; the current negotiations are subtle maneuvers on the part of the two companies. NCR stock fell 12.5 cents and closed at $101.875 a share on Apr 23, 1991.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1991
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Comment about this article or add new information about this topic:
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