Takeover battle escalatesAmerican Home Products Corp...


August 10, 1994

Takeover battle escalates

American Home Products Corp. stepped up the pressure yesterday in its $8.5 billion battle for American Cyanamid Co., commencing a cash tender offer and filing suit to dismantle the target's takeover defenses.

The tender offer amounts to $95 a share. When it was announced last week, American Cyanamid's stock jumped more than 40 percent.

American Home Products also said it was commencing litigation to eliminate American Cyanamid's anti-takeover and other defensive provisions.

American Cyanamid stock rose $2.625 yesterday, to close at $93.625, on the New York Stock Exchange.

Cable firms to spend $2 billion

Several of the nation's largest cable television companies said yesterday that they will spend more than $2 billion this fall on equipment for offering one-stop telecommunications services to homes.

Seven companies are expected to do the spending. Chief executives of four of them -- Cox Cable Communications Inc., Continental Cablevision Inc., Comcast Corp. and Tele-Communications Inc. -- told a news conference they each intend to offer high-definition television, basic and wireless telephone, video on demand and computer on-line services.

Three other cable companies, including Time Warner Holdings Inc. and Viacom International Inc., did not attend the press conference. The seventh company wasn't identified.

Martin forms recycling venture

Martin Marietta Corp. and Molten Metal Technology Inc. said yesterday that they have formed a limited partnership to recycle waste on polluted government property.

The joint venture, M4 Environmental L.P., will serve the Department of Defense and Department of Energy, which have a combined annual budget of about $10 billion for waste cleanup and management.

Stock of Waltham, Mass.-based Molten Metal shot up $4.25, to close at $22.75, in Nasdaq trading. Bethesda-based Martin's stock closed up 37.5 cents, at $47, on the New York Stock Exchange.

Nordstrom earnings up 48%

Apparel retailer Nordstrom Inc. said yesterday that its earnings soared 48 percent in the second quarter, although sales rose only 6 percent.

Analysts say Nordstrom has been able to boost earnings in large part through better inventory control, which has limited the amount of apparel the company has had to sell at discount prices.

The Seattle-based chain posted earnings of $62 million, or 77 cents a share, in the quarter, up from $42.7 million, or 52 cents a share, a year earlier. Revenues rose to $1.08 billion from $1.02 billion.

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