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Article: Arbitration Panel Rules That Coltec/Goodrich Merger May Proceed.
- Article from:
- PR Newswire
- Article date:
- June 17, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHARLOTTE, N.C., June 16 /PRNewswire/ -- Today, an arbitration panel unanimously determined that it would not issue an injunction stopping the Coltec Industries(NYSE: COT)/BFGoodrich(NYSE: GR) merger. The panel's decision found that the merger has not breached the Strategic Alliance Agreement between Coltec and AlliedSignal entered into in mid-1995 when Allied exited its landing gear business. The three arbitrators suggested appropriate safeguards should be designed to control the relationship.
"We are very pleased with the arbitration panel's ruling. The decision clarifies that there is no conflict between our contract with AlliedSignal and our merger with ...