A shell company with $74m in cash as at June 30 has spent $10m of that buying shares representing an 8.2% stake in Zenith Electronics Corp, and it says it is considering acquiring control through a tender offer, merger proposal, proxy solicitation or by other means: the company, Nycor Inc of Basking Ridge, New Jersey, is a former subsidiary of an air conditioning company, Fedders Corp, and currently has no operating businesses; Nycor is controlled by the family of Fedders chairman Salvatore Giordano, also the chairman of Nycor.
