Appearing to make a mockery of US state anti-takeover laws, a US District Court has granted Asher Edelman a temporary waiver of the Oklahoma state law that bars a bidder with more than 20% using his votes until shareholders have approved a takeover. As a result, Edelman may proceed with his $975m bid for Telex Corp, which expires on Friday. Telex says it is considering its position. A hearing is due today on its complaint that Edelman violated securities laws with the bid.
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