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TELEDYNE, INC.
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(Name of Registrant as Specified In Its Charter)
TELEDYNE, INC.
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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[Logo]TELEDYNE, INC.
NEWS RELEASE
FOR IMMEDIATE RELEASE Contact: Rosanne O'Brien
Teledyne, Inc.
310/551-4265
Fred Spar/Adam Weiner
Kekst and Company
212/593-2655
TELEDYNE ISSUES STATEMENT
LOS ANGELES, CALIFORNIA, APRIL 3, 1995 -- Teledyne, Inc.
(NYSE: TDY) noted today that WHX has abandoned its effort to
gain control of the Teledyne Board of Directors. WHX now
seeks to elect only two nominees to the Teledyne Board. The
fact is, WHX still has a clear conflict of interest: its
objective is not the best value for Teledyne shareholders.
Its objectives is to buy Teledyne at the lowest possible price
for the benefit of WHX shareholders.
Regardless of the number of nominees, WHX's motive is
transparent -- get the inside track to buy Teledyne on its
terms, not to get the best outcome for Teledyne shareholders.
The WHX directors would be ineffectual on the Teledyne Board
since they could not meaningfully participate in the review of
options to sell the Company due to their conflict position and
can add nothing for Teledyne shareholders.
The current Teledyne directors have a substantial financial
stake in the future of Teledyne. They have only one motive:
the best outcome for all Teledyne shareholders.
The Company is committed to determine whether a sale of
Teledyne or other transaction will achieve better value for
Teledyne shareholders than execution of its business plans.
The Company is soliciting other bona fide offers, and is
committed to proceeding with this process carefully and
expeditiously to maximize value for all Teledyne shareholders.
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