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February 12, 1989

HOT TIP SUITOR ENTERS THE LISTS AT HONEYWELL

By CBR Staff Writer

Last month’s hot tip suitor for Xerox, Unisys Corp, has now entered the lists at Honeywell Inc – well if the Unisys brass was in Minneapolis looking Control Data Corp over, might as well drop in on Honeywell while they’re about it, but despite a $3.125 leap in the share price to $66.25 on gossip that Unisys was about to declare a notifiable holding, the combination wouldn’t seem to make very much sense: a substantial part of Honeywell’s defence business was sold to it by Unisys, and its other operations home and building controls, industrial controls – don’t make a very good fit with Unisys, since the latter two activities would not open up a big new market for Unisys computers (Xerox on the other hand has an enormous base of copier users who might be persuaded to buy computers from Unisys); Kidder Peabody analyst Michael Lauer reckons that against that $66 price in the market, the break-up value of Honeywell might be as much as $150 a share – $50 for building controls, $25 to $30 for industrial controls, $80 for aerospace and defence and $15 a share for Honeywell Yamatake.

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