TECHNOLOGY - July 30, 1992
From Times Staff and Wire Reports
Compaq to Sell Its Stake in Conner: Compaq Computer Corp. said it is selling its stock in Conner Peripherals Inc. back to the disk driver maker for $241 million as part of Compaq’s effort to buy back some of its own stock. The Houston personal computer maker said it will sell its 11.6 million common shares of Conner back to the peripherals firm for $20.75 per share, Tuesday’s closing price. “The transaction was done to help us accelerate our stock buy-back program as well as allowing us to expand our other business opportunities,” Compaq spokeswoman Nora Hahn said. “It’s not part of a cost-cutting program.” Compaq paid $12 million for the Conner stock in 1986. It will record a pretax gain of $80 million from the sale.
