WHX Readies Pitch for Teledyne Shareholders: WHX Corp. launched its fight to gain control of Teledyne Inc.'s board by filing a preliminary proxy statement that urges Teledyne shareholders to elect nominees who would sell the Century City-based conglomerate to WHX. New York-based WHX has made four unsuccessful hostile offers for Teledyne since 1994. The latest was a sweetened bid of $1.78 billion, or $32 a share in cash and common stock, which the Teledyne board rejected last week. WHX said in the proxy statement filed with the Securities and Exchange Commission that its goal is to elect at least five of its candidates to Teledyne's eight-member board. In its preliminary proxy statement, Teledyne, which will hold its annual meeting April 24, implores shareholders to reject WHX's candidates.
Times Staff and Wire Reports
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