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November 23, 1987

EDELMAN, IN NOMINAL CONTROL OF TELEX, MAY REDUCE TERMS

By CBR Staff Writer

Asher Edelman’s $65-a-share bid for Telex Corp appeared to have succeeded last night as he claimed sufficient acceptances to give him 85% of the stock – but then announced that he was discussing with the financial institutions that would put up the cash a restructuring of the terms of the bid and a reduction in its value. At the same time he extended the tender to this Wednesday, November 25. Telex meanwhile announced that it had had talks with Edelman’s TLX Acquisition Corp in which the latter had indicated that it might terminate its offer for Telex altogether and give its backing to the Tulsa, Oklahoma company’s suicidal proposed recapitalisation – if Telex reimbursed all its expenses incurred in the tender offer. No agreement was reached.

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