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Armco and Cyclops propose merger. (Cyclops Industries Inc.)
PR Newswire
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January 16, 1991
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COPYRIGHT 1991 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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ARMCO AND CYCLOPS PROPOSE MERGER
PARSIPPANY, N.J., Jan. 16 /PRNewswire/ -- Armco Inc. (NYSE: AS), Parsippany, and Cyclops Industries, Inc. (NYSE: CYC), Pittsburgh, today jointly announced an agreement in principle for Cyclops to merge with a new wholly-owned subsidiary of Armco.
Under the agreement, Armco would pay $22 a share or approximately $156 million for the 7.1 million outstanding shares of Cyclops common stock. To fund a portion of the merger cost, Armco also announced an agreement in principle with New York-based Alleghany Corporation, a ...
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