AT&T; said today it appears to be winning its battle to acquire NCR Corp., the nation’s fifth-largest computer maker.
The phone company announced that about 70% of the computer maker’s shares have been tendered to it under AT&T;'s $6.1-billion hostile takeover offer.
American Telephone & Telegraph Co. also said it appeared to be winning a proxy contest to force NCR’s directors to call a special meeting. At the meeting, AT&T; would seek to replace a majority of NCR’s board, which has blocked the takeover.
AT&T; needs approval from owners of 25% of NCR’s shares to call the meeting. AT&T; said it has received such consent from “substantially more” than this number.
“These are clear signals to the NCR board of directors from NCR stockholders that they want to decide for themselves about our offer,” AT&T; said in a statement.
However, the company said it is extending its $90-a-share cash offer, which expired at midnight Tuesday, until Feb. 15. AT&T; apparently wants to make sure it has the votes it would need at a special meeting--approval from owners of 80% of NCR’s shares is needed to remove directors.