AMP today reported that the percent of shares tendered to the AlliedSignal offer dropped from the initial 72% reported to 61%.
Based on information obtained by its proxy solicitation firm, AMP has said that it appears that when AlliedSignal extended its offer on September 18, 1998, thepercentage of shares tendered was only approximately 61%, not the 72% that AlliedSignal reported.
Meanwhile, AlliedSignal Inc., Morris Township, N.J said today that if the Commonwealth of Pennsylvania enacts new legislation which would prevent AlliedSignal from proceeding with its consent solicitation, AlliedSignal will not pursue the purchase of 9% of the shares of AMP Incorporated under AlliedSignal's pending $44.50 per share tender offer.
If the Pennsylvania state legislature chooses not to amend the current
shareowner consent solicitation rights, AlliedSignal intends to proceed with the purchase.