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Article: American-Standard rejects unsolicited takeover bid.
- Article from:
- PR Newswire
- Article date:
- February 9, 1988
CopyrightCOPYRIGHT 1988 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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AMERICAN-STANDARD REJECTS UNSOLICITED TAKEOVER BID
NEW YORK, Feb. 9 /PRNewswire/ -- The board of directors of American Standard Inc. (NYSE: AST) today urged stockholders to reject the hostile, unsolicited tender offer made by Black & Decker Corporation (NYSE: BDK) and not to tender any shares.
Acting on the advice of its financial and legal counsel and after a careful evaluation of Black & Decker's most recent proposal, the board of directors has determined that the price of $65 a share being offered by Black & Decker is inadequate and that the offer is not in the best interests of American-Standard stockholders.
In a letter mailed to ...