UNITED DOMINION DROPS PLANS TO ACQUIRE COMMERCIAL INTERTECH.(BUSINESS)

From: The News & Record (Piedmont Triad, NC) | Date: August 6, 1996 | Copyright information

United Dominion Industries Ltd. reversed itself Monday by dropping its $550 million hostile takeover of Ohio-based Commercial Intertech Corp.

United Dominion said the acquisition's value had been reduced by Commercial Intertech's plans to buy back 2.5 million of its shares and to spin off its fast-growing filtration unit, Cuno Inc.

The spinoff-and-buyback plan would have saddled United Dominion with an expensive tax burden if it continued the $30-per-share bid. United Dominion had initially offered $27 per share for Commercial Intertech.

In afternoon trading on the ...

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