ABB extends Elsag Bailey tender offer

ABB announced on Nov. 18 that it extended the tender offer period for shares of Elsag Bailey Process Automation N.V. to midnight EST on Dec. 18, 1998. Previously scheduled to expire Nov. 17, 1998, the offer was extended to allow for regulatory review. At the close of trading Nov. 17 in New York, more than 27 million of Elsag Bailey’s common shares and close to 4 million of Elsag Bailey Financing Trust’s preferred shares—together representing about 87% of Elsag Bailey’s fully diluted share capital—had been validly tendered in connection with the offer. The tendered shares include those owned by Elsag-Bailey’s soon-to-be-former-parent Finmeccanica S.p.A., which had held about 53% percent of the share capital.

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