AT&T; Seeks to Invalidate ESOP at NCR:...
From Times Staff and Wire Reports
AT&T; Seeks to Invalidate ESOP at NCR: American Telephone & Telegraph Co. asked a federal court to invalidate NCR Corp.’s new employee stock ownership plan, which AT&T; said was created solely as an obstacle to its $6-billion hostile tender offer for NCR. The AT&T; filing in U.S. District Court in Dayton, Ohio, accused NCR directors of breaching their fiduciary duties, saying the ESOP was designed to deny NCR stockholders “the ability to decide for themselves whether or not to accept the AT&T; tender offer.” U.S. District Judge Walter Rice has scheduled hearings on the ESOP for March 11 and March 12.
