View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
January 21, 1988


By CBR Staff Writer

Memorex International NV’s tender offer for about 90% of Telex Corp’s equity has triumphed, and yesterday the Netherlands registered, UK-based company reported that the offer closed substantially oversubscribed. It has accepted for payment at $62 – $56 cash and the rest in paper – apiece about 13.3m of the 14.2m shares tendered, on a pro rata basis. In the merger, each Telex shareholder will receive about 10.33 shares of a new issue of cumulative redeemable exchangeable preferred stock of Telex for each Telex common share. The preference shares will have a liquidation preference of $6, will pay dividends at the annual rate of 14% and will be subject to mandatory redemption after 12 years. Dividends on the preferred stock may be paid in additional preferred shares for the first three years. Completion of the merger is subject to the usual conditions. With only paper left to go for, surviving Telex Corp shares slumped $17.50 to $41.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.