OTHER NEWS - Nov. 23, 1991

Planned Stock Offering Dropped: Unisys Corp. said Friday that it has scrapped plans to spin off its defense division through a public stock offering, blaming the turmoil on Wall Street and the uncertain outlook for the defense industry. The scuttled deal was the largest cancellation of a new stock offering in 20 years. It underscored the dampening effects of last week’s market plunge on this year’s hot market for new issues. “A sale in a weak market at ‘fire sale’ prices would not serve the best interests of the company and its stockholders,” Unisys Chairman James A. Unruh said.