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March 16, 1988

SUITOR FOR GCA IS GENERAL SIGNAL CORP

By CBR Staff Writer

The mystery suitor for GCA Corp, Andover, Massachusetts (CI No 881) turns out to be General Signal Corp, Stamford, Connecticut, which has a wafer stepper manufacturing business of its own: General Signal has made an agreed bid of $5.22 a share, $49.6m in total, against a price in the market of $4.25 before the announcement – and will also buy GCA’s $24m of outstanding notes, some at a premium, to bring the total price to between $70m and $80m; the combination, which will bring new generation wafer steppers for finer chip geometries to General Signal, will create the world’s largest maker of wafer steppers.

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