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TELEX DROPS LEGAL CHALLENGE TO EDELMAN’S BID

Telex Corp has dropped its legal challenge to Asher Edelman’s bid for the Tulsa, Oklahoma terminals and tape drives maker, leaving the way clear for Edelman to acquire the company if he can raise the cash that he needs to back his bid: Telex also released an October forecast that predicts it will have revenue of about $920m and earnings before taxes and interest of about $137m in fiscal 1988 to March 31, and, going into the realms of sheer fantasy, forecast earnings before tax and interest of $157m on $999m for fiscal 1989; $175m on $1,092m for fiscal 1990; $197m on revenue $1,197m for fiscal 1991; $219m on revenue of $1,316m for fiscal 1992; and $243m on revenue of $1,449m for fiscal 1993 assuming depreciation of between $26m and $28m a year and net capital spending of about $34m to $37m a year, assuming that its present operations remain substantially the same – but has the grace to say the forecasts are subject to uncertainties beyond its control.

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CBR Staff Writer

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