<PAGE>
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934
-------------
[_] Filed by the Registrant
[x] Filed by a Party other than the Registrant
Check the appropriate box:
[x] Preliminary Proxy Statement
[_] Confidential, for Use of the Commission Only (as permitted by Rule 14-
a6(e)(2))
[_] Definitive Proxy Statement
[_] Definitive Additional Materials
[_] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
TELEDYNE, INC.
---------------------------------------------------------------------------
(Name of Registrant as Specified In Its Charter)
WHX CORPORATION
---------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement)
PAYMENT OF FILING FEE (Check the appropriate box):
[_] $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), or 14a-
6(i)(2) or Item 22(a)(2) of Schedule 14A.
[_] $500 per each party to the controversy pursuant to Exchange Act Rule
14a-6(i)(3).
[_] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and
0-11.
1) Title of each class of securities to which transaction applies:
2) Aggregate number of securities to which transaction applies:
3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which
the filing fee is calculated and state how it was determined.):
4) Proposed maximum aggregate value of transaction:
5) Total fee paid:
[x] Fee paid previously with preliminary materials.
[_] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
1) Amount Previously Paid: $ 500.00
2) Form, Schedule or Registration Statement No.: Schedule 14A
3) Filing Party: WHX Corporation
4) Date Filed: March 3, 1995
<PAGE>
<PAGE>
1995 ANNUAL MEETING OF STOCKHOLDERS
OF
TELEDYNE, INC.
-----------------------------
PROXY STATEMENT
OF
WHX CORPORATION
-----------------------------
This Proxy Statement (this "Proxy Statement"), the
accompanying letter to stockholders and the enclosed WHITE proxy card
are furnished in connection with the solicitation of proxies by WHX
Corporation, a Delaware corporation ("WHX"), for use at the 1995
Annual Meeting of Stockholders of Teledyne, Inc., a Delaware
corporation (the "Company" or "Teledyne"), to be held on Wednesday,
April 26, 1995 at 11:00 a.m. at the Santa Monica Civic Auditorium,
1855 Main Street, Santa Monica, California 90401 and at any
adjournments or postponements thereof (the "Annual Meeting").
At the Annual Meeting, seven directors of Teledyne will each
be elected for a one-year term or until the election and qualification
of each of their successors. WHX is soliciting proxies pursuant to
this Proxy Statement to elect the two nominees of WHX named herein
(the "WHX Nominees") to the Board of Directors of Teledyne (the
"Teledyne Board").
BOTH WHX NOMINEES ARE COMMITTED TO A SALE OF TELEDYNE TO THE
HIGHEST BIDDER AND WILL ATTEMPT TO INFLUENCE THE MAJORITY OF THE BOARD
OF DIRECTORS TO EFFECT SUCH A SALE RATHER THAN REMAIN INDEPENDENT.
The record date for determining stockholders of Teledyne
(collectively, "Stockholders") entitled to notice of and to vote at
the Annual Meeting is March 1, 1995 (the "Record Date"). Stockholders
of record at the close of business on the Record Date will be entitled
to one vote for each share of Teledyne common stock, par value $1.00
per share (the "Shares"), held on the Record Date on all matters
submitted to a vote of Stockholders at the Annual Meeting, except that
each Stockholder is entitled to cumulate his or her votes in electing
directors. In voting for directors, a Stockholder may cast the number
of votes equal to the number of Shares held of record on the Record
Date by such Stockholder multiplied by the number of directors (7) to
be elected. All of these votes may be cast for any combination of one
or more directors. Stockholders voting by means of the accompanying
WHITE proxy card will be granting the proxy holders discretionary
authority to vote their Shares cumulatively at the discretion of the
persons named in the WHITE proxy card, but such Stockholders may not
mark the WHITE proxy card to cumulate their own votes. As set forth
in the preliminary proxy statement of Teledyne filed with the
Securities and Exchange Commission on February 27, 1995 (the "Teledyne
Proxy
NYFS05...:\41\80941\0003\2150\STA1165U.25P
<PAGE>
<PAGE>
Statement"), as of the close of business on the Record Date, there
were _________ Shares issued and outstanding.
------------------
This Proxy Statement, the accompanying letter to
Stockholders and the WHITE proxy card are first being furnished to
Stockholders on or about March , 1995. The principal executive
offices of the Company are located at 1901 Avenue of the Stars, Los
Angeles, California 90067-6046.
<PAGE>
<PAGE>
IMPORTANT
At the Annual Meeting, WHX seeks to elect the WHX
Nominees as two of the directors of Teledyne.
WHX URGES YOU TO MARK, SIGN, DATE AND RETURN THE
ENCLOSED WHITE PROXY CARD TO VOTE FOR THE ELECTION OF THE WHX
NOMINEES.
A VOTE FOR THE WHX NOMINEES WILL PROVIDE YOU-AS THE
OWNERS OF TELEDYNE-WITH AT LEAST TWO REPRESENTATIVES ON THE
TELEDYNE BOARD WHO ARE COMMITTED TO A NEGOTIATED SALE OR MERGER
OF TELEDYNE TO OR WITH THE HIGHEST BIDDER.
WHX URGES YOU NOT TO SIGN ANY PROXY CARD SENT TO YOU
BY TELEDYNE. IF YOU HAVE ALREADY DONE SO, YOU MAY REVOKE YOUR
PROXY BY DELIVERING A WRITTEN NOTICE OF REVOCATION OR A LATER
DATED PROXY FOR THE ANNUAL MEETING TO WHX, C/O GEORGESON &
COMPANY INC. ("GEORGESON") AT WALL STREET PLAZA, 88 PINE
STREET, NEW YORK, NEW YORK 10005, OR TO THE SECRETARY OF
TELEDYNE, OR BY VOTING IN PERSON AT THE ANNUAL MEETING. SEE
"VOTING AND PROXY PROCEDURES" BELOW.
THE WHX NOMINEES SUPPORT THE SALE OF TELEDYNE
Both of the WHX Nominees are committed to a sale or merger
of the Company to or with the highest bidder. If elected, the WHX
Nominees will, subject in all respects to their fiduciary duties, seek
to cause the full Teledyne Board to consummate the sale or merger of
Teledyne at the earliest practicable date.
As indicated under "Background and Reasons for the
Solicitation" below, the incumbent Teledyne directors have rejected
WHX's acquisition proposal but have not committed to sell the Company
by a certain date to the highest bidder.
If, like us, you believe that you should have the
opportunity to decide the future of your Company and that the Company
should be sold so that you can maximize the value of your Shares, WHX
urges you to vote your WHITE proxy card FOR the election of the WHX
Nominees. All of the WHX Nominees will, subject to their fiduciary
duties, seek to give all Stockholders the opportunity to dispose of
their Shares in a transaction with WHX or another purchaser. The WHX
Nominees are committed to support a transaction with the highest
bidder for your Shares.
<PAGE>
<PAGE>
ELECTION OF DIRECTORS
According to publicly available information, the Company
currently has eight directors. The terms of the eight incumbent
directors, Frank V. Cahouet, Diane C. Creel, George Kozmetsky, Donald
B. Rice, George A. Roberts, William P. Rutledge, Fayez Sarofim and
Henry E. Singleton, will expire at the Annual Meeting. As set forth
in the Teledyne Proxy Statement, Mr. Kozmetsky intends to resign from
the Teledyne Board prior to the election of directors at the Annual
Meeting. The Teledyne Proxy Statement further states that seven
directors are to be elected at the Annual Meeting each to serve for a
one-year term or until election and qualification of their successors.
WHX proposes that the Stockholders elect the WHX Nominees as
two of the seven directors of Teledyne at the Annual Meeting. The two
WHX Nominees are listed below and have furnished the following
information concerning their principal occupations or employment and
certain other matters. Each WHX Nominee, if elected, would hold
office for a one-year term or until a successor has been elected and
qualified. Although WHX has no reason to believe that any of the WHX
Nominees will be unable to serve as directors, if any one or more of
the WHX Nominees shall not be available for election, the persons
named on the WHITE proxy card have agreed to vote for the election of
such substitute nominees as may be proposed by WHX.
<PAGE>
<PAGE>
WHX NOMINEES FOR DIRECTORS:
Principal Occupation
and Business Experience
Name, Age and During Last Five Years;
Principal Business Address Current Directorships<F1>
-------------------------- ---------------------------
Ronald LaBow (60) Chairman of the Board of Directors of
Stonehill Investment WHX Corporation since July
Corp. 1994<F2>; Chairman of the Board
110 East 59th Street of Directors of Wheeling-Pittsburgh
New York, New York Corporation since 1991; President,
10022 Stonehill Investment Corp. since
February 1990. Formerly with
Neuberger & Berman, a New York based
investment advisory and management
firm, from 1978 to 1990. Mr. LaBow
is also a director of Regency
Equities Corp.
Marvin L. Olshan (67) Director and Secretary of WHX
Olshan Grundman Frome Corporation since July 19942;
& Rosenzweig Director and Secretary of Wheeling-
505 Park Avenue Pittsburgh Corporation since 1991;
New York, New York Partner, Olshan Grundman Frome &
10022 Rosenzweig, 1956 to present;
Chairman, President and Director,
Regency Equities Corp., 1984 to
December 1990.
Cumulative voting for directors will be in effect at the
Annual Meeting. Cumulative voting means that each Stockholder will be
entitled to cast, distributed among any one or more nominees, total
votes equal to the number of Shares held of record on the Record Date
by such Stockholder multiplied by the number of directors (7) to be
elected. Stockholders voting by means of the accompanying WHITE proxy
card will be granting the proxy holders discretionary authority to
vote their Shares cumulatively as described below, but such
Stockholders may not mark the WHITE proxy card to cumulate their own
votes. Unless votes are withheld for any of the WHX Nominees, the
persons named as proxies on the WHITE proxy card intend to cumulate
such votes in a manner so as to maximize representation on the Teledyne
Board of the WHX Nominees.
<F1> Unless otherwise indicated, all directorships are of
publicly held corporations.
<F2> In July 1994, WHX Corporation was created as the new
holding company of the Wheeling-Pittsburgh Corporation group of
companies, and Wheeling-Pittsburgh Corporation became a wholly-
owned subsidiary of WHX Corporation.
<PAGE>
<PAGE>
WHX is soliciting the discretionary authority to cumulate
votes and the persons named in the accompanying proxy will have the
authority to cumulate votes at their discretion. WHX has not
determined the order of priority in which it will cast its cumulative
votes disproportionately among its two nominees, if it elects to
cumulate disproportionately. WHX reserves the right to change the
priority of its nominees once determined, depending upon the manner in
which WHX believes other votes will be cast and such other factors as
WHX may deem appropriate in its discretion consistent with the goal of
maximizing the number of WHX nominees elected to the Teledyne Board.
The persons named as proxies on the WHITE proxy card do not
intend to vote any Shares for the election of the nominees proposed by
Teledyne. Instead, such persons will cumulate votes in respect of
such Shares to elect the maximum number of the WHX Nominees. In the
event the number of persons constituting the Teledyne Board is
increased prior to the election of directors at the Annual Meeting,
the persons named as proxies on the WHITE proxy card reserve the right
to vote for any additional nominees for directors nominated by WHX.
The accompanying WHITE proxy card will be voted at the
Annual Meeting in accordance with your instructions on such card. You
may vote FOR the election of the WHX Nominees as the directors of
Teledyne or withhold authority to vote for the election of the WHX
Nominees by marking the proper box on the WHITE proxy card. You may
also withhold your vote from either of the WHX Nominees by writing the
name of such nominee in the space provided on the WHITE proxy card.
IF NO MARKING IS MADE AND YOU HAVE SIGNED AND DATED THE PROXY CARD,
YOU WILL BE DEEMED TO HAVE GIVEN A DIRECTION TO CUMULATE AND VOTE THE
SHARES REPRESENTED BY THE WHITE PROXY CARD FOR THE ELECTION OF THE WHX
NOMINEES, WHICH VOTES WILL BE CUMULATIVELY ALLOCATED AMONG THE WHX
NOMINEES AT THE DISCRETION OF THE PERSONS NAMED IN THE WHITE PROXY
CARD.
<PAGE>
<PAGE>
WHX believes that it is in YOUR best interest to elect the
WHX Nominees at the Annual Meeting. ALL OF THE WHX NOMINEES ARE
COMMITTED TO A SALE OF THE COMPANY TO WHX OR ANOTHER PURCHASER AND
WILL ATTEMPT TO INFLUENCE THE MAJORITY OF THE BOARD OF DIRECTORS TO
EFFECT SUCH A SALE RATHER THAN REMAIN INDEPENDENT.
WHX STRONGLY RECOMMENDS A VOTE FOR THE ELECTION OF THE WHX
NOMINEES.
<PAGE>
<PAGE>
BACKGROUND AND REASONS FOR THE SOLICITATION
BACKGROUND.
On November 28, 1994, Mr. LaBow sent the following letter on
behalf of WHX to the Teledyne Board:
"Gentlemen:
This letter is for the purpose of proposing a business
combination between WHX Corporation ("WHX") and Teledyne, Inc.
("Teledyne") and for expressing our desire that the two companies
work together to accomplish such combination on a negotiated
basis.
The Board of Directors of WHX has authorized me to present
to you our offer to acquire in a merger transaction all of the
outstanding shares of common stock of Teledyne at a price of $22
per Teledyne share. Our proposal represents a premium of
approximately 23% over the closing market price of your common
stock on November 25, 1994.
In the merger, Teledyne stockholders would receive a
combination of cash and WHX convertible preferred stock. The
aggregate amount of cash we are prepared to pay would be an
amount sufficient to render the treatment of WHX stock received
by Teledyne stockholders in the transaction as tax-free and would
be mutually determined by our respective tax advisors. In no
event, however, would the aggregate cash consideration be less
than 50% of the aggregate acquisition consideration. In addition
to the market price premium and tax-free attributes of our
proposal, those stockholders receiving WHX stock would
participate in the future results of a stronger and more
profitable combined company.
The WHX convertible preferred stock would have terms
substantially similar to the terms of the WHX Series A
Convertible Preferred Stock which is currently traded on the New
York Stock Exchange. As with the WHX Series A Convertible
Preferred Stock, the WHX convertible preferred shares to be
received by Teledyne shareholders would pay a cash dividend and
would be convertible into WHX common stock at any time at $15.78
per share, subject to adjustment. On November 25, 1994, shares
of WHX common stock closed at $14.125 per share.
This proposal is, and consummation of the acquisition would
be, subject to negotiation, preparation and execution
<PAGE>
<PAGE>
of appropriate definitive agreements containing mutually
acceptable representations, warranties, terms and conditions, and
requisite shareholder approval.
In pursuing this acquisition, we would expect
representatives from Teledyne's Board of Directors to join the
Board of Directors of the combined enterprise and Teledyne's
senior management to stay with Teledyne under mutually
satisfactory arrangements.
We are confident of our ability to complete this transaction
on these terms. In this respect, please note that we currently
have approximately $450 million in cash and cash equivalents.
We would welcome your interest in receiving additional
information regarding WHX and it is possible that we would be
prepared to increase our offer if additional information provided
by Teledyne demonstrates to us that additional consideration is
warranted.
We are certain that, upon reflection, the Teledyne Board of
Directors will recognize the extraordinary opportunity that a
combination with WHX represents for Teledyne stockholders. Our
objective is to work with you in a professional and constructive
manner to complete our proposal so that the best interest of all
of your stockholders can be served.
In this connection, we are willing to discuss with you or a
committee of your directors all aspects of our proposal. I and
other representatives of WHX are available to meet with you for
this purpose at any time.
Yours sincerely,
/s/ Ronald LaBow
Chairman of the Board"
In a telephone call on December 1, 1994, Mr. Rutledge told Mr. LaBow
that WHX's proposal would be considered at the next meeting of the
Teledyne Board. On December 5, 1994, Mr. LaBow sent the following
letter to Mr. Rutledge:
<PAGE>
<PAGE>
"Dear Mr. Rutledge:
It was a pleasure speaking with you on Thursday, December 1,
and I was encouraged to hear that our proposal will be considered
by your Board of Directors at their next meeting.
When you indicated to me that your Board would be unable to
meet for approximately three to four weeks, I presumed that,
among other things, this delay was designed to afford your
investment bankers the opportunity to review and analyze our
proposal and to be in a position to make a presentation to your
Board. Upon reflection, it seemed to me that in order to
facilitate the work of your investment bankers it would be
prudent to use the next few weeks to permit your investment
bankers to meet with our investment bankers so that you can learn
more about our company and its resources. To that end, I would
like to formally propose a meeting to be attended by investment
bankers and company personnel, so that we can answer any
questions you might have concerning such issues as our ability to
consummate this transaction and the value of the securities we
are prepared to offer to your shareholders.
I look forward to hearing from you shortly and hope that a
meeting can be arranged so that your Board can be fully informed
when it considers our proposal at its next meeting.
Very truly yours,
/s/ Ronald LaBow"
On December 6, 1994, Mr. Rutledge sent the following letter to Mr.
LaBow:
"Dear Mr. LaBow:
This is in response to your letter of December 5, 1994. Teledyne
has scheduled a Board Meeting for Saturday, December 17. We do
not think it appropriate for our representatives to meet prior to
that Board Meeting.
Very truly yours,
/s/ William P. Rutledge"
<PAGE>
<PAGE>
On December 19, 1994, Mr. Rutledge sent the following letter to Mr.
LaBow:
"Dear Mr. LaBow:
Our Board of Directors has met to consider the proposal contained
in your letter dated November 28, 1994. The Board believes that
Teledyne's long-term strategic business plans suggest substantial
increases in future values for our shareholders.
The Board has conducted a careful evaluation of all factors and
circumstances which it considered relevant, including its view
that there is no significant value to Teledyne shareholders
associated with combining our companies. The resultant unanimous
conclusion by the directors was that they have no interest in
pursuing your proposal.
Very truly yours,
/s/ William P. Rutledge"
On December 21, 1994, WHX issued the following press release:
"WHX Corporation (NYSE:WHX) announced today that it is
filing a notification form under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 to allow it to acquire up to 15% of the
outstanding shares of Teledyne, Inc. (NYSE:TDY).
WHX also stated that it had been advised that Teledyne's
Board of Directors has no interest in pursuing a WHX merger
proposal dated November 28, 1994 in which Teledyne's stockholders
would receive $22 per share in a combination of cash (at least
$11 per share) and the balance, on a tax-free basis, in a WHX
convertible preferred stock.
WHX Corporation is a holding company which indirectly owns
Wheeling-Pittsburgh Steel Corporation, the nation's eighth
largest integrated steel manufacturer. WHX had 1993 sales of
$1.05 billion, with income before extraordinary items of $30.7
million."
<PAGE>
<PAGE>
On January 5, 1995, the Teledyne Board announced the
adoption of a plan (the "Rights Plan") commonly known as a "poison
pill" (the "Poison Pill"), pursuant to which preferred stock purchase
rights (the "Rights") have been issued as a distribution on
outstanding Shares. The Rights Plan entitles all Stockholders, except
a non-approved acquiror, to purchase a specified number of additional
Shares at a 50 percent discount from the prevailing market price for
Shares if, without the prior approval of the Teledyne Board, a person
or group acquires 15 percent or more of the Shares or engages in
certain enumerated transactions with Teledyne after making a non-
approved stock acquisition. The Rights Plan has the practical effect
of thwarting any acquisition of Teledyne that does not have the
approval of its Teledyne Board.
On March 22, 1995, WHX and Teledyne entered into a
confidentiality agreement (the "Confidentiality Agreement") pursuant
to which WHX agreed to keep confidential non-public information
concerning Teledyne that Teledyne may, in its discretion, disclose to
WHX. Among other provisions customary in confidentiality agreements,
WHX agreed in the Confidentiality Agreement, for a period ending
December 22, 1995, without the prior consent of Teledyne, to not
acquire, directly or indirectly, any of the outstanding Shares other
than pursuant to a possible negotiated transaction with Teledyne, or a
possible offer made on the same terms to all stockholders to acquire
at least a majority of the outstanding Shares. Thereafter,
representatives of Teledyne disclosed certain non-public information
to representatives of WHX and information relating to WHX was given to
Teledyne representatives.
On March 27, 1995, Messrs. Rutledge and Rice sent a letter
to Mr. LaBow stating that the Teledyne Board had instructed its
investment bankers to formally solicit offers for the possible sale of
the Company and requesting that WHX terminate its pending proxy fight.
On March 28, 1995, Teledyne announced, among other things,
that it (i) commenced a process to solicit offers for the possible
sale of the Company, (ii) retained an investment banking firm to
assist in such process and (iii) received and is responding to
expressions of interest from third parties other than WHX. Teledyne
further announced that it had requested WHX to terminate its announced
proxy contest.
<PAGE>
<PAGE>
On March 28, 1995, Mr. LaBow sent to the Teledyne Board, on
behalf of the WHX Board, the following letter altering the terms of
its initial proposed acquisition made by letter, dated November 28,
1994:
"Gentlemen:
This letter is for the purpose of amending our letter of
November 28, 1994 to you in which we proposed a business
combination between WHX Corporation ( WHX ) and Teledyne, Inc.
( Teledyne ).
Based on information furnished to us under the
confidentiality letter between us dated March 22, 1995, the Board
of Directors of WHX has authorized me to present to you our offer
to acquire in a merger transaction all of the outstanding shares
of common stock of Teledyne at a price of $22 per Teledyne share
but payable in a combination of $18 per share in cash and $4 per
share in WHX common stock.
Our respective investment bankers have shared information
which we trust demonstrates to you that the transaction can be
completed and that the WHX stock to be received by Teledyne
stockholders would enable your stockholders to participate in the
future results of the Teledyne and WHX businesses and to realize
the value of all of the assets of Teledyne and WHX on the most
---
tax-efficient basis.
We note your offer to provide WHX the opportunity to
participate in the process on the same basis as any other bidder
and our representatives will be contacting you to gather the
information already requested as well as that which has been or
will be provided to other parties. We stand ready to negotiate
appropriate definitive agreements containing mutually acceptable
representations, terms and conditions.
We note that your Board has instructed Goldman, Sachs & Co.
to formally solicit offers for the possible sale of Teledyne,
--------
Inc. We believe that an informal solicitation has been ongoing
--------
for some weeks. We are unaware of any higher offer.
We are considering your request that WHX terminate the
pending proxy contest. We regret that you have chosen not to
postpone the Annual Meeting to a date after which the
solicitation of offers has been completed. Such a
<PAGE>
<PAGE>
postponement would have enabled stockholders to vote on a more
informed basis. What concerns us and probably concerns other
Teledyne stockholders is that your Board has not committed to
sell Teledyne by a certain date to the highest bidder. A
commitment by your Board to sell to the highest bidder would
eliminate the need for a proxy contest.
I and other representatives of WHX are available to meet
with you at any time and look forward to completing this
extraordinary opportunity to combine our companies.
Yours sincerely,
/s/ Ronald LaBow
Chairman of the Board"
WHX remains willing to negotiate with Teledyne with respect
to its proposal to acquire Teledyne. If any such negotiations are
held and result in a definitive merger or other agreement between
Teledyne and WHX, the consideration to be received by holders of
Shares could include or consist of common or preferred stock of WHX,
other securities, cash or any combination thereof. Such negotiations
could result in, among other things, termination of this proxy
solicitation. As indicated elsewhere in this Proxy Statement, the WHX
Nominees, if elected, will, subject in all respects to their fiduciary
duties, seek to cause the full Teledyne Board to consummate a
negotiated acquisition of Teledyne. WHX reserves the right to alter
the terms of its revised proposed acquisition made by letter, dated
March 28, 1995 (the "Revised Acquisition Proposal"), including to
provide for a change in the consideration offered in exchange for
Shares but has made no determination to revise the Acquisition
Proposal.
REASONS FOR THE SOLICITATION; PLANS FOR SALE OF TELEDYNE.
In light of the failure of Teledyne's Board to commit to the
sale of the Company, WHX has determined to seek your votes in support
of the WHX Nominees for election to the Teledyne Board at the Annual
Meeting. Each WHX Nominee is committed, subject in all respects to
his fiduciary duties, to maximizing Stockholder value by seeking to
effect promptly a negotiated sale of Teledyne and will urge the full
Board to do so.
<PAGE>
<PAGE>
If the WHX Nominees are elected, it is anticipated that the
WHX Nominees, subject in all respects to their fiduciary duties, would
attempt to convince the Teledyne Board to negotiate the sale of
Teledyne to the highest bidder rather than remain independent, redeem
the Poison Pill, grant requisite approval under Section 203 of the
Delaware General Corporation Law and remove any barriers to facilitate
a negotiated sale of Teledyne.
In the event the Teledyne Board recommends acceptance of an
offer from a person other than WHX, the WHX Nominees, if elected, will
seek to cause Teledyne to reimburse WHX for all of its expenses
incurred in connection with this proxy solicitation and the proposed
business combination between WHX and Teledyne (including, without
limitation, legal, investment banking and printing costs).
In the event WHX acquires the entire equity interest in
Teledyne, WHX has no present intention to make any significant changes
in the business strategies of Teledyne, and WHX has not identified any
specific assets, corporate structure or other business strategy which
warrants change. However, WHX has made a preliminary review of, and
will continue to review, on the basis of available information,
various possible business strategies that it might consider if it
acquires control of Teledyne. If WHX acquires control of Teledyne,
WHX intends to conduct a detailed review of Teledyne and its assets,
pension plans, corporate structure, dividend policy, capitalization,
operations, properties, policies, management and personnel and
consider what, if any, changes or sale of assets would be desirable in
light of the circumstances which then exist. Specifically, WHX
currently intends to study (i) the feasibility of employing the
Teledyne pension fund assets to maximize the value of such assets for
the benefit of the stockholders of WHX which, under WHX's Revised
Acquisition Proposal, would include stockholders of Teledyne, and (ii)
the feasibility of disposing of certain of Teledyne's businesses.
OTHER MATTERS TO BE CONSIDERED AT THE ANNUAL MEETING
APPROVAL OF THE TELEDYNE, INC. 1995 NON-EMPLOYEE DIRECTOR STOCK OPTION
PLAN
As set forth in the Teledyne Proxy Statement, at the Annual
Meeting Stockholders will be asked to approve the Teledyne, Inc. 1995
Non-Employee Director Stock Option Plan (the "Plan") adopted by the
Teledyne Board on October 27, 1994. A description of the Plan is
contained in the Teledyne Proxy Statement and is
<PAGE>
<PAGE>
incorporated herein by reference. WHX is not making any
recommendations on this proposal.
The accompanying WHITE proxy card will be voted in accordance
with your instructions on such card. You may vote for approval of the
Plan or vote against, or abstain from voting on, the approval of the
Plan by marking the proper box on the WHITE proxy card. IF NO MARKING
IS MADE, YOU WILL BE DEEMED TO HAVE GIVEN A DIRECTION TO ABSTAIN FROM
VOTING THE SHARES REPRESENTED BY THE WHITE PROXY CARD WITH RESPECT TO
THE APPROVAL OF THE PLAN.
OTHER PROPOSALS
EXCEPT AS SET FORTH ABOVE, WHX IS NOT AWARE OF ANY PROPOSALS TO
BE BROUGHT BEFORE THE ANNUAL MEETING. SHOULD OTHER PROPOSALS BE
BROUGHT BEFORE THE ANNUAL MEETING, THE PERSONS NAMED ON THE WHITE
PROXY CARD WILL ABSTAIN FROM VOTING ON SUCH PROPOSALS UNLESS SUCH
PROPOSALS ADVERSELY AFFECT THE INTERESTS OF WHX AS DETERMINED BY WHX
IN ITS SOLE DISCRETION, IN WHICH EVENT SUCH PERSONS WILL VOTE ON SUCH
PROPOSALS AT THEIR DISCRETION.
VOTING PROCEDURES
The affirmative vote of the majority of the Shares that are
present or represented at the Annual Meeting and entitled to vote is
required for approval of the proposed Plan.
VOTING AND PROXY PROCEDURES
At the Annual Meeting, seven directors of Teledyne will each
be elected for a one-year term or until the election and qualification
of their successors. WHX is soliciting your proxy in support of the
election of WHX's two nominees named herein as directors of Teledyne.
The Teledyne Board has set March 1, 1995 as the Record Date
for determining those Stockholders who will be entitled to notice of
and to vote at the Annual Meeting. Stockholders of record at the
close of business on the Record Date will be entitled to one vote for
each Share held on the Record Date on all matters submitted to a vote
of Stockholders at the Annual Meeting, except that each Stockholder is
entitled to cumulate his or her votes in electing directors. In
voting for directors, a Stockholder may cast the number of votes equal
to the number of Shares held of record on the Record Date by such
Stockholder multiplied by the number of directors (7) to be elected.
All of these votes may be cast for any combination of one or more
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directors. As set forth in the Teledyne Proxy Statement, as of the
close of business on March 1, 1995, there were Shares
issued and outstanding.
IN ORDER FOR YOUR VIEWS ON THE ABOVE-DESCRIBED PROPOSALS TO
BE REPRESENTED AT THE ANNUAL MEETING, PLEASE MARK, SIGN AND DATE THE
ENCLOSED WHITE PROXY CARD AND RETURN IT TO WHX, C/O GEORGESON AT WALL
STREET PLAZA, 88 PINE STREET, NEW YORK, NEW YORK 10005, IN THE
ENCLOSED ENVELOPE IN TIME TO BE VOTED AT THE ANNUAL MEETING.
Execution of the WHITE proxy card will not affect your right to attend
the Annual Meeting and to vote in person. Any proxy may be revoked at
any time prior to the Annual Meeting by delivering a written notice of
revocation or a later dated proxy for the Annual Meeting to WHX or to
the Secretary of Teledyne, or by voting in person at the Annual
Meeting. ONLY YOUR LATEST DATED PROXY FOR THE ANNUAL MEETING WILL
COUNT.
Only Stockholders of record as of the close of business on
the Record Date will be entitled to vote. If you were a Stockholder
of record on the Record Date, you will retain your voting rights for
the Annual Meeting even if you sell such Shares after the Record Date.
ACCORDINGLY, IT IS IMPORTANT THAT YOU VOTE THE SHARES HELD BY YOU ON
THE RECORD DATE, OR GRANT A PROXY TO VOTE SUCH SHARES ON THE WHITE
PROXY CARD, EVEN IF YOU SELL SUCH SHARES AFTER THE RECORD DATE.
Stockholders voting by means of the accompanying WHITE proxy
card will be granting the proxy holders discretionary authority to
vote their Shares cumulatively at the discretion of the persons named
in the WHITE proxy card, but such Stockholders may not mark the WHITE
proxy card to cumulate their own votes.
If any of your Shares are held in the name of a brokerage
firm, bank, bank nominee or other institution on the Record Date, only
it can vote such Shares and only upon receipt of your specific
instructions. Accordingly, please contact the person responsible for
your account and instruct that person to execute on your behalf the
WHITE proxy card.
CERTAIN ADDITIONAL INFORMATION
The Teledyne Proxy Statement contains additional information
with respect to the Record Date, the number of Shares outstanding on
the Record Date, the voting and revocation of proxies, cumulative
voting for the election of directors, Teledyne's nominees for election
of directors, Proposal 2, the vote required to approve Proposal 2, the
beneficial owners of
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<PAGE>
more than 5% of the Shares, the Share ownership of directors and
officers of Teledyne, and the date by which Stockholder proposals
intended to be submitted at the Company's next annual stockholders'
meeting must be received by the Company for inclusion in its proxy
statement for that meeting. Such information, which WHX has not
independently verified, is incorporated by reference in this Proxy
Statement, upon reliance on the Company.
SOLICITATION OF PROXIES
Proxies may be solicited by mail, advertisement, telephone,
telecopier or in person. Solicitations may be made by directors,
officers, investor relations personnel and other employees of WHX,
none of whom will receive additional compensation for such
solicitations. WHX has requested banks, brokerage firms and other
custodians, nominees and fiduciaries to forward all of its
solicitation materials to the beneficial owners of the Shares they
hold of record. WHX will reimburse these record holders for customary
clerical and mailing expenses incurred by them in forwarding these
materials to their customers.
WHX has retained Georgeson for solicitation and advisory
services in connection with the solicitation, for which Georgeson is
to receive a fee of approximately $__________, together with
reimbursement for its reasonable out-of-pocket expenses. WHX has also
agreed to indemnify Georgeson against certain liabilities and
expenses, including liabilities and expenses under the federal
securities laws. Georgeson will solicit proxies for the Annual
Meeting from individuals, brokers, banks, bank nominees and other
institutional holders. It is anticipated that Georgeson will employ
approximately _____ persons to solicit votes from Stockholders for the
Annual Meeting.
Donaldson, Lufkin & Jenrette Securities Corporation ("DLJ")
is acting as WHX's exclusive financial advisor in connection with the
solicitation of proxies from Stockholders and related matters. DLJ
has received an initial advisory fee of $1,000,000 from WHX. WHX has
agreed to pay DLJ additional fees of (i) $500,000 payable on the date
that WHX first sends Stockholders proxy cards in connection with its
proxy solicitation and (ii) $2,000,000 payable on the date that a
number of the WHX Nominees are elected to the Teledyne Board which
constitute a majority of such Teledyne Board. Additionally, DLJ will
be paid $1,000,000 if WHX and Teledyne
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<PAGE>
enter into a merger agreement or if WHX initiates certain transactions
which, if consummated, would result in a business combination with
Teledyne. DLJ will receive substantial additional fees under certain
circumstances including in connection with an acquisition, merger or
similar transaction by WHX with Teledyne. In the event WHX acquires
Teledyne in a merger or similar transaction, DLJ will be retained as
the exclusive investment banker to WHX and Teledyne with respect to
certain asset sales under certain circumstances. DLJ will also have
the right to act as the exclusive private placement agent or sole
managing underwriter to WHX under certain circumstances. In all such
instances, DLJ will be entitled to receive customary and usual
investment banking fees for its role. DLJ will be reimbursed from
time to time for all out-of-pocket expenses (including the reasonable
fees and expenses of counsel) incurred by DLJ in connection with its
engagement up to $1,000,000, and WHX will indemnify DLJ and certain
related persons against certain liabilities and expenses in connection
with its engagement, including certain liabilities under the Federal
securities laws.
In connection with DLJ's engagement as exclusive financial
advisor, WHX anticipates that certain employees of DLJ may communicate
in person, by telephone or otherwise with institutions, brokers or
other persons who are Stockholders for the purpose of assisting in the
solicitation of proxies for the Annual Meeting. DLJ will not receive
any fee for or in connection with such solicitation activities apart
from the fees which it is otherwise entitled to receive as described
above. DLJ is currently acting as an underwriter and co-manager in a
proposed initial public offering of common stock of Wheeling-
Pittsburgh Corporation ("WPC"), a wholly-owned subsidiary of WHX and
the parent company of Wheeling-Pittsburgh Steel Corporation, and is
expected to continue to render investment banking and other advisory
services to WHX and its affiliates, for which it has received and will
continue to receive customary compensation.
The entire expense of soliciting proxies for the Annual
Meeting is being borne by WHX. WHX will not seek reimbursement for
such expenses from Teledyne except that in the event the Teledyne
Board recommends acceptance of an offer from a person other than WHX,
the WHX Nominees, if elected, will seek to cause Teledyne to reimburse
WHX for all of its expenses incurred in connection with this proxy
solicitation (including, without limitation, legal, investment banking
and printing costs). Costs incidental to these solicitations of
proxies include expenditures for printing, postage, legal, accounting,
public relations, soliciting, advertising and related expenses and are
expected to
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<PAGE>
be approximately $ . Total costs incurred to date in
furtherance of or in connection with these solicitations of proxies
are approximately $ .
INFORMATION CONCERNING WHX
WHX, through its indirect wholly-owned subsidiary, Wheeling-
Pittsburgh Steel Corporation, is the ninth largest domestic integrated
steel manufacturer in the United States. WHX manufactures a wide
variety of flat-rolled products for construction, container,
converter/processor, steel service center, automotive and other
markets as well as fabricated steel products for the construction,
highway and agricultural markets. Flat-rolled products consist of a
variety of sheet products, including hot-rolled, cold-rolled,
galvanized and pre-painted products, and tin mill products.
Fabricated steel products include roof deck, culvert, highway and
other products. On February 24, 1995, WPC filed a Registration
Statement on Form S-1 with the Securities and Exchange Commission
relating to an initial public offering of WPC's common stock.
Assuming completion of such public offering, WHX would continue to own
approximately 60% of the shares of common stock of WPC. The principal
address of WHX is 110 East 59th Street, New York, New York 10022.
Certain information about certain directors, executive
officers, employees and other representatives of WHX and Wheeling-
Pittsburgh Capital Corporation, a wholly-owned subsidiary of WHX
("WPCC"), who, in each case, may also assist Georgeson in soliciting
proxies, is set forth in the attached Schedule I. Schedule II sets
forth certain information relating to Shares owned by WHX, certain
individuals and the WHX Nominees and certain transactions between any
of them and Teledyne. Schedule III sets forth certain information, as
made available in public documents, regarding Shares held by
Teledyne's management.
PLEASE INDICATE YOUR SUPPORT OF THE WHX NOMINEES BY MARKING,
SIGNING AND DATING THE ENCLOSED WHITE PROXY CARD AND RETURN IT
PROMPTLY TO WHX, C/O GEORGESON IN THE ENCLOSED ENVELOPE. NO POSTAGE
IS NECESSARY IF THE ENVELOPE IS MAILED IN THE UNITED STATES.
WHX CORPORATION
March , 1995
---
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SCHEDULE I
INFORMATION CONCERNING CERTAIN DIRECTORS, OFFICERS,
EMPLOYEES AND OTHER REPRESENTATIVES OF WHX AND WPCC
The following table sets forth the name and the present
principal occupation or employment, and the name, principal business
and address of any corporation or other organization in which such
employment is carried on, of certain directors, officers, employees
and other representatives of WHX and WPCC who, in each case, may also
assist Georgeson in soliciting proxies from Stockholders. Unless
otherwise indicated, the principal business address of each director,
officer or employee is 110 East 59th Street, New York, New York 10022.
CERTAIN DIRECTORS, OFFICERS AND EMPLOYEES OF
WHX AND WPCC
NAME AND PRINCIPAL PRESENT OFFICE OR OTHER
BUSINESS ADDRESS PRINCIPAL OCCUPATION OR EMPLOYMENT
-------------------- ----------------------------------
Neil D. Arnold Director; Senior Vice President
Varity Corporation and Chief Financial Officer of
672 Delaware Avenue Varity Corporation
Buffalo, NY 14209
Paul W. Bucha Director; President, Paul W.
Bucha and Company, Inc.
Frederick G. Chbosky Chief Financial Officer of WHX;
Executive Vice President -
Finance and Chief Financial
Officer of Wheeling-Pittsburgh
Steel Corporation
Robert A. Davidow Director; Private Investor
William Goldsmith Director; Management and
Marketing Consultant
Ronald LaBow Director, Chairman of the Board
of WHX; President, Stonehill
Investment Corp.
Howard Mileaf Vice President-Special Counsel
of WHX
S-I-
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Marvin L. Olshan Director, Secretary of WHX;
Olshan Grundman Frome Partner, Olshan Grundman Frome
& Rosenzweig & Rosenzweig
505 Park Avenue
New York, NY 10022
Stewart E. Tabin Assistant Treasurer of WHX;
Vice President, Stonehill
Investment Corp.
Neale X. Trangucci Assistant Treasurer of WHX;
Vice President, Stonehill
Investment Corp.
Raymond S. Troubh Director; Financial Consultant
10 Rockefeller Plaza
Suite 712
New York, NY 10021
Steven Wolosky Assistant Secretary of WHX;
Olshan Grundman Frome Partner, Olshan Grundman Frome
& Rosenzweig & Rosenzweig
505 Park Avenue
New York, NY 10022
James L. Wareham Director; President of WHX;
Wheeling-Pittsburgh Chairman of the Board and Chief
Steel Corporation Executive Officer, Wheeling-
1134 Market Street Pittsburgh Steel Corporation
Wheeling, WV 26003
S-I-
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<PAGE>
REPRESENTATIVES OF WHX
NAME AND PRINCIPAL PRESENT OFFICE OR OTHER
BUSINESS ADDRESS PRINCIPAL OCCUPATION OR EMPLOYMENT
-------------------- ----------------------------------
Ken Moelis Managing Director of DLJ
Donaldson, Lufkin
& Jenrette
Securities
Corporation
2121 Avenue of the
Stars
Los Angeles,
California 90067
Paul D'Addario Managing Director of DLJ
Donaldson, Lufkin
& Jenrette
Securities
Corporation
140 Broadway
New York, New York
10005
Michael Hooks Senior Vice President of
Donaldson, Lufkin DLJ
& Jenrette
Securities
Corporation
2121 Avenue of the
Stars
Los Angeles,
California 90067
Jason Ackerman Vice President, DLJ
Donaldson, Lufkin
& Jenrette
Securities
Corporation
2121 Avenue of the
Stars
Los Angeles,
California 90067
S-I-
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<PAGE>
Ephraim Fields Associate, DLJ
Donaldson, Lufkin
& Jenrette
Securities
Corporation
2121 Avenue of the
Stars
Los Angeles,
California 90067
S-I-
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SCHEDULE II
SHARES HELD BY WHX, WPCC, CERTAIN OF
THEIR DIRECTORS, OFFICERS, EMPLOYEES
AND OTHER REPRESENTATIVES AND THE WHX NOMINEES
AND CERTAIN TRANSACTIONS BETWEEN ANY OF THEM AND TELEDYNE
WPCC is the beneficial and record holder of Shares
purchased in open market transactions executed on the NYSE in the
amount and on the dates set forth below:
Date of Number of
Transaction Shares Purchased
----------- ----------------
Ronald LaBow and Marvin L. Olshan have agreed to serve as
the proxies on the WHITE proxy card.
Except as disclosed in this Proxy Statement, none of WHX,
WPCC, any of their respective directors, officers, employees or other
representatives named in Schedule I or the WHX Nominees owns any
securities of Teledyne or any subsidiary of Teledyne, beneficially or
of record, has purchased or sold any of such securities within the
past two years or is or was within the past year a party to any
contract, arrangement or understanding with any person with respect to
any such securities. Except as disclosed in this Proxy Statement, to
the best knowledge of WHX, such directors, officers, employees and
other representatives and the WHX Nominees, none of their associates
beneficially owns, directly or indirectly, any securities of Teledyne.
In the ordinary course of its business, DLJ engages in
securities trading and brokerage activities and may trade or otherwise
effect transactions in debt or equity securities of Teledyne for its
own account and the accounts of its customers and, accordingly, may at
any time hold a long or short position in such securities. As of
March [__], 1995, DLJ held a net short position of less than [_%] of
all the outstanding shares of Teledyne common stock.
S-II-
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<PAGE>
Except as disclosed in this Proxy Statement, none of WHX,
WPCC, their respective directors, officers, employees or other
representatives named in Schedule I or the WHX Nominees or, to their
best knowledge, their associates has any arrangement or understanding
with any person (1) with respect to any future employment by the
Company or its affiliates or (2) with respect to future transactions
to which the Company or any of its affiliates will or may be a party,
other than sales of products and services in the ordinary course of
business.
S-II-
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SCHEDULE III
SHARES HELD BY TELEDYNE'S MANAGEMENT
As of February 17, 1995, the directors and executive
officers of Teledyne beneficially owned (within the meaning of the
rules under Section 13(d) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act")) 12,724,477 Shares (or approximately
22.9% of the Shares reported as outstanding on such date). All of the
foregoing information has been taken from the Teledyne Proxy
Statement.
To the knowledge of WHX, based on a review of the Teledyne
Proxy Statement, Henry E. Singleton, George Kozmetsky and GSB
Investment Management, Inc. each beneficially own 5% or more of the
outstanding Shares.
Although WHX and WPCC do not have any information that would
indicate that any information contained in this Proxy Statement that
has been taken from the Teledyne Proxy Statement or any other document
on file with the Securities and Exchange Commission is inaccurate or
incomplete, neither WHX nor WPCC takes any responsibility for the
accuracy or completeness of such information.
S-III-
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IMPORTANT
Your proxy is important. No matter how many Shares you own,
please give WHX your proxy FOR the election of the WHX Nominees by:
MARKING the enclosed WHITE proxy card,
SIGNING the enclosed WHITE proxy card,
DATING the enclosed WHITE proxy card, and
MAILING the enclosed WHITE proxy card TODAY in the envelope
provided (no postage is required if mailed in the United States).
If you have already submitted a proxy to Teledyne for the
Annual Meeting, you may change your vote to a vote FOR the election of
the WHX Nominees by marking, signing, dating and returning the
enclosed WHITE proxy card for the Annual Meeting, which must be dated
after any proxy you may have submitted to Teledyne. Only your latest
dated proxy for the Annual Meeting will count at such meeting.
If you have any questions or require any additional
information concerning this Proxy Statement or the proposal by WHX to
acquire Teledyne, please contact GEORGESON at the address set forth
below. IF ANY OF YOUR SHARES ARE HELD IN THE NAME OF A BROKERAGE
FIRM, BANK, BANK NOMINEE OR OTHER INSTITUTION, ONLY IT CAN VOTE SUCH
SHARES AND ONLY UPON RECEIPT OF YOUR SPECIFIC INSTRUCTIONS.
ACCORDINGLY, PLEASE CONTACT THE PERSON RESPONSIBLE FOR YOUR ACCOUNT
AND INSTRUCT THAT PERSON TO EXECUTE THE WHITE PROXY CARD.
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<PAGE>
PROXY
TELEDYNE, INC.
Annual Meeting of Stockholders - April 26, 1995
THIS PROXY IS SOLICITED ON BEHALF OF WHX CORPORATION
The stockholder designated on the reverse of this card hereby
appoints Ronald LaBow and Marvin L. Olshan as proxies, and each of
them, the stockholder's attorney and proxy, each with full power of
substitution, to vote upon the propositions set forth herein all
shares of Teledyne, Inc. common stock held as of March 1, 1995 which
the undersigned may be entitled to vote, at the Annual Meeting of
Stockholders of Teledyne, Inc. and at all postponements and
adjournments thereof to be held at the Santa Monica Civic Auditorium,
1855 Main Street, Santa Monica, California 90401, at 11:00 a.m. on
April 26, 1995. This proxy revokes all prior proxies given by the
undersigned.
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER
DIRECTED HEREIN. WITH RESPECT TO THE ELECTION OF DIRECTORS (PROPOSAL
1), WHERE NO VOTE IS SPECIFIED OR WHERE A VOTE FOR ALL NOMINEES IS
MARKED, THE CUMULATIVE VOTES REPRESENTED BY A PROXY WILL BE CAST AT
THE DISCRETION OF THE PROXIES NAMED HEREIN IN ORDER TO ELECT THE TWO
NOMINEES. IF YOU WITHHOLD YOUR VOTE FOR A NOMINEE, ALL OF YOUR
CUMULATIVE VOTES WILL BE DISTRIBUTED TO THE REMAINING NOMINEE. WITH
RESPECT TO PROPOSAL 2, IF NO MARKING IS MADE, THIS PROXY WILL BE
TREATED AS A DIRECTION TO ABSTAIN FROM VOTING WITH RESPECT TO APPROVAL
OF THE PLAN. THE INDIVIDUALS NAMED ABOVE ARE AUTHORIZED TO VOTE IN
THEIR DISCRETION ON ANY OTHER MATTERS THAT PROPERLY COME BEFORE THE
MEETING.
(Continued and to be signed on the other side)
NYFS05...:\41\80941\0003\1635\NTS2285S.55B
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<PAGE>
Item (1) ELECTION OF DIRECTORS
/ / FOR all nominees listed below (except as marked to the
contrary below)
/ / WITHHOLD AUTHORITY to vote for all nominees listed below
(INSTRUCTION: To withhold authority to vote for any
individual nominee, strike a line through that nominee's
name in the list below.)
Ronald LaBow; Marvin L. Olshan
............................................................
Item (2) Approval of the adoption of the Teledyne, Inc. 1995 Non-
Employee Director Stock Option Plan
/ / FOR
/ / AGAINST
/ / ABSTAIN
Item (3) In their discretion the proxies are authorized to vote for
the election of such substitute nominee(s) for director(s)
as such proxies shall select if any nominee(s) named above
become(s) unable to serve and upon such other business as
may properly come before the meeting and any adjournments
thereof.
Please date this Proxy and sign exactly as your name(s) appears
hereon. When signing as attorney, executor, administrator, trustee,
guardian or other representative, give your full title as such. If a
corporation, sign the full corporate name by an authorized officer,
stating his/her title. If a partnership, sign in partnership name by
authorized person.
Date: ________________, 1995
Signature
---------------------------------------
Signature
---------------------------------------
if held jointly
