It looks like a nail-biting Christmas down in Tulsa, Oklahoma for embattled Telex Corp. Corporate adventurer Asher Edelman yesterday duly reduced the value of the cash tender offer for Telex by his TLX Acquisition Corp to $55 a share, and limited it to 10.8m of the 14m or so shares outstanding. With the shares he already holds, that would give him 75%, and in the event that the bid is successful, he plans to merge Telex Corp with TLX Acquisition, exchanging the balance of the shares for shares in the new company and an issue of 15-year junior notes, certified to be worth about $55 a share. The new offer is open until December 23, ensuring that the people at Telex suffer a nerve wracking run-up to the festivities. The new offer is conditional most importantly on Edelman getting the finance he needs to complete it – and he has not yet asked Banque Paribas whether it reckons it can raise the previously promised syndicated loan. It is also conditional on his getting 75% acceptance, and on Telex Corp neutralising its poison pill defence in some way – either by redeeming it or rendering it inactive. Telex says it remains committed to its recapitalisation plan – now likely to be downvalued.