Rockwell Bid Is Considered
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Responding to a $1.5-billion hostile takeover bid from Seal Beach-based Rockwell International Corp., Reliance Electric Co., the Cleveland-based industrial products concern, asked its stockholders not to tender their shares to the firm until Reliance’s board weighs the $30-a-share cash offer.
The directors are “carefully considering the terms,” said Reliance, which earlier agreed to merge with General Signal Corp. in a stock swap valued at $1.3 billion.
At the same time, shareholders of Reliance filed two lawsuits in Delaware Chancery Court, charging directors with breach of fiduciary duty in connection with Reliance’s proposed takeover by General Signal.
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