Asher Edelman has extended his $65 a share offer for Telex Corp to November 20 – but Telex reckons that that means he has not expedited the acquisition, and it therefore wound up the pressure on him by announcing that it had begun preparing proxy statements in connection with its proposed restructuring of the company, which will give shareholders $45 cash and a lot of junk bonds in addition to their shares, and leave the firm hopelessly overburdened with debt; Telex doesn’t believe Edelman will be able to raise the cash needed for his bid – winning the facilities will cost him $7m whether he uses them or not; Edelman says he doesn’t want to ask his bankers for the cash until all pending litigation is out of the way, Telex says rubbish, we’ve withdrawn all material suits – that’s an excuse.
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