Cummins Engine Fends Off Investors: Industrial Equity...

L.A. Times Archives

May 11, 1990 12 AM PT

From Times Staff and Wire Service Reports

Cummins Engine Fends Off Investors: Industrial Equity (Pacific) Ltd. agreed not to buy more shares of Cummins Engine Co. or seek representation on its board of directors for 10 years. The Hong Kong investment group made the announcement as part of a settlement agreement with Cummins that would dismiss all litigation concerning alleged securities laws violations. Industrial, which owns nearly 15 percent of Cummins, agreed to make an acquisition proposal for the diesel engine maker, not to make a tender offer and not to solicit proxies to elect one or more directors.

For the record:

12:00 a.m. May 12, 1990 For the Record
Los Angeles Times Saturday May 12, 1990 Home Edition Business Part D Page 2 Column 6 Financial Desk 2 inches; 37 words Type of Material: Correction
Cummins Engine Co.--Because of a dropped word, an item in Friday’s “Briefly” column gave an erroneous account of a settlement between Cummins Engine Co. and Industrial Equity (Pacific) Ltd. Industrial Equity agreed not to make an acquisition proposal for Cummins.

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For the record:

12:00 a.m. May 12, 1990: For the Record
Los Angeles Times Saturday May 12, 1990 Home Edition Business Part D Page 2 Column 6 Financial Desk 2 inches; 37 words Type of Material: Correction
Cummins Engine Co.--Because of a dropped word, an item in Friday’s “Briefly” column gave an erroneous account of a settlement between Cummins Engine Co. and Industrial Equity (Pacific) Ltd. Industrial Equity agreed not to make an acquisition proposal for Cummins.