NCR Stock Up but Directors Hit AT&T; Offer

From Times Wire Services

NCR Corp. stock skyrocketed today, gaining more than $25 a share on news of a $6-billion takeover offer by American Telephone & Telegraph Co., but NCR’s directors called the stock-swap bid, valued at $90 a share, “grossly inadequate.”

Analysts viewed AT&T;'s proposed merger with NCR, the nation’s fifth-largest computer company, as a last-ditch effort to salvage AT&T;'s ailing computer business.

An NCR spokesman said today that the company’s financial advisers “regard the latest AT&T; offer to be grossly inadequate.”

Chairman Charles Exley Jr. said NCR’s board will review the offer and “advise its shareholders accordingly.”