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Technology Stocks : AMP - in play! ALD takeover and legislative protection -- Ignore unavailable to you. Want to Upgrade?

To: Tenpoint who wrote (15)	11/23/1998 8:08:00 AM
From: ron forgus	Read Replies (1) \| Respond to of 18

Tyco Makes $11.3 Billion Offer For AMP NEW YORK (Reuters) - Tyco International Ltd (NYSE:TYC - news). said Monday it has agreed to acquire electronic connector maker AMP Inc. (NYSE:AMP - news), which has been fending off an unsolicited takeover attempt by AlliedSignal Inc. (NYSE:ALD - news), in an $11.3 billion stock deal. Tyco said in a statement it plans to exchange 0.7839 of its shares for each of AMP's shares in a deal worth about $51 per share, or $11.3 billion. Tyco said it expects the acquisition to add to its earnings immediately and create a company with total market capitalization of about $54 billion. AMP has been locked in a battle with AlliedSignal, which has fought to proceed with its $10 billion unsolicited takeover offer for AMP. Last week, AMP stock swelled after rumors that the company had found a ''white knight'' to save it from AlliedSignal's threat. Also last week, AlliedSignal won court approval to go ahead with its consent solicitation seeking to increase AMP's board and fill the new seats with its 17 nominees. Earlier Stories AMP Stock Rises On ''White Knight'' Rumors (November 19)