Sperry to Buy Back Its Stock
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NEW YORK — Sperry Corp. today called Burroughs Corp.’s $4.06-billion takeover offer inadequate and announced plans to buy back 47% of its own stock for $2.36 billion.
Sperry said it would begin a tender offer for up to 29.5 million Sperry common shares at $80 per share in cash--$10 a share more than Burroughs’ bid. Sperry also said it would not purchase any shares tendered by or on behalf of Burroughs. Burroughs, the Detroit-based computer maker, began its hostile tender offer last Thursday after Sperry, a rival computer company, failed to respond to a merger offer.
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