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AlliedSignal to appeal
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October 9, 1998: 9:17 a.m. ET
AlliedSignal CEO says he is undeterred by judge's ruling in favor of AMP
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NEW YORK (CNNfn) - AlliedSignal Inc., the technology company whose hostile takeover bid for AMP was thwarted this week by a U.S. judge, isn't going down without a fight.
AlliedSignal Chairman and Chief Executive Larry Bossidy said Friday he doesn't expect the judge's ruling to derail the company's plans for a $10 billion takeover of AMP.
"We think that while there are deep questions of legality in what he said -- and we're appealing -- by and large it doesn't derail us from our intention to move forward,'' Bossidy told reporters during a briefing at the Business Council's twice-yearly meeting here.
AlliedSignal also said late Thursday it will appeal a judge's ruling that permits hostile target AMP to strengthen its "poison pill" anti-takeover defense.
An AlliedSignal spokesman said the firm is studying an order issued by U.S. District Court Judge James Giles earlier Thursday that temporarily prohibits AlliedSignal from launching a consent solicitation to take control of AMP's board of directors.
"We are studying their ruling and looking for clarification," spokesman Mark Greenberg said.
Late last month, AlliedSignal said it would withdraw its bid for AMP, a Harrisburg, Pa.-based supplier of electrical connectors, if the judge ruled in favor of AMP.
Instead, the Morris Township, N.J.-based company said it would proceed with its purchase of 9 percent, or 20 million shares, of AMP at $44.50 a share if the law isn't enacted.
A 9 percent stake is sufficient to get a stronghold on the firm without triggering its beefed-up poison-pill takeover defense measure.
Shares of AMP (AMP) closed down 1/8 Thursday at 37-3/4 on the New York Stock Exchange while AlliedSignal (ALD) shares fell 3/16 to 34-1/2 on the Big Board. 
-- from staff and wire reports
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