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July 28, 1987

GEC TO BUY TELEDYNE?

By CBR Staff Writer

We are not really convinced by persistent market rumours that the Big One for GEC Plc will turn out to be Los Angeles electronics conglomerate Teledyne Inc, which inter alia manufactured the ill-fated PCjr under contract from IBM: we tend to put the rumours in the same category as the Philips to go for Apricot Computers Plc hype, but key points about Teledyne, which would definitely make a big dent in GEC’s cash mountain, are that it owns a large part – some 28% or so – of Litton Industries Inc, and that its shares are extremely heavy – it spent a large part of its own cash mountain buying its shares in, so there is a comparatively small number of shares out there.

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