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From Times Staff and Wire Reports

Teledyne Adopts Takeover Defense: The Los Angeles-based conglomerate, which recently rejected a $1.2-billion merger offer from WHX Corp., said it adopted a “poison-pill” defense to fend off unwelcome takeover attempts. If a hostile suitor acquires 15% or more of the company, the plan enables other Teledyne stockholders to buy additional shares at a substantial discount--thus making the unsolicited bid prohibitively expensive to complete. Although its takeover offer was rebuffed, WHX, the parent of Wheeling-Pittsburgh Steel Corp., also has announced plans to buy a major stake in Teledyne.


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