Teledyne in Talks With Potential Buyers

Teledyne Inc., which put itself on the auction block last month after rejecting a hostile takeover bid from WHX Corp., confirmed Thursday that it is in talks with several other potential buyers.

One of the suitors is in “detailed discussions” about buying Teledyne, the Los Angeles-based conglomerate said, but it declined to identify any of the parties.

WHX, the parent of steelmaker Wheeling-Pittsburgh Corp., offered $22 a share, or $1.2 billion, for Teledyne in November, but Teledyne rejected the bid as too low. WHX then asked Teledyne’s stockholders to elect WHX Chairman Ronald LaBow and another nominee to Teledyne’s board in an attempt to get the company sold.

That vote will come at Teledyne’s annual meeting Wednesday.