Rockwell Bid Is Considered

Responding to a $1.5-billion hostile takeover bid from Seal Beach-based Rockwell International Corp., Reliance Electric Co., the Cleveland-based industrial products concern, asked its stockholders not to tender their shares to the firm until Reliance’s board weighs the $30-a-share cash offer.

The directors are “carefully considering the terms,” said Reliance, which earlier agreed to merge with General Signal Corp. in a stock swap valued at $1.3 billion.

At the same time, shareholders of Reliance filed two lawsuits in Delaware Chancery Court, charging directors with breach of fiduciary duty in connection with Reliance’s proposed takeover by General Signal.