NCR Corp gave AT&T Co a dusty answer to its Sunday night statement that it was prepared to raise its offer for NCR to $100 a share, or $6,800m on condition that NCR enter negotiations. They should deal directly with us and submit a serious proposal in writing rather than posturing in the media said NCR chairman Charles Exley, adding that AT&T wanted to pay NCR shareholders as little as possible for their shares. AT&T reverted to its $90 a share offer, but its move effectively puts a floor of $100 under any bid now – and the shares closed on Friday at $98.25. It is assumed that AT&T will succeed in getting four seats on the board at the annual meeting, and even if NCR raises the size of the board to 20 after the meeting, all the co-opted members will have to submit to re-election next year, so that A&T could then gain control.
