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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
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/ / Soliciting Material Pursuant to Section 240.14a-11(c) or Section
240.14a-12
TELEDYNE, INC.
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(Name of Registrant as Specified In Its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
/ / $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), 14a-6(i)(2) or
Item 22(a)(2) of Schedule 14A.
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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:
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pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
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[Teledyne Logo]
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NEWS RELEASE
FOR IMMEDIATE RELEASE Contact: Rosanne O'Brien
Teledyne, Inc.
310/551-4265
TELEDYNE DECLARES SECOND QUARTER 1996
CASH DIVIDEND OF 31 CENTS PER SHARE
LOS ANGELES, CALIFORNIA, APRIL 24, 1996 -- The Board of Directors of
Teledyne, Inc. (NYSE:TDY) announced today the declaration of a second quarter
1996 cash dividend of $0.31 per share of Teledyne common stock, payable on May
24, 1996 to shareholders of record on May 8, 1996.
The Company noted that the $0.31 dividend conforms to the agreed upon
initial dividend level for Allegheny Teledyne Incorporated, the pending
strategic combination of Allegheny Ludlum Corporation and Teledyne. This
transaction is intended to be accounted for as a pooling of interests. In light
of this, Teledyne has set its quarterly dividend for the second quarter at $0.31
per share, which corresponds to the anticipated quarterly dividend rate of $0.16
per share of Allegheny Teledyne (multiplied by the exchange ratio of 1.925
Allegheny Teledyne shares for each Teledyne common share).
Under terms of the definitive agreement announced on April 1, 1996, Teledyne
shareholders will receive 1.925 shares of common stock in Allegheny Teledyne for
each share of Teledyne common stock. Allegheny Ludlum shareholders will receive
one share of Allegheny Teledyne for each share of Allegheny Ludlum common stock.
The transaction is subject to regulatory and shareholder approvals.
Teledyne had 55,930,573 shares of Common Stock outstanding on March 31,
1996.
Teledyne, Inc. is a technology-based manufacturing corporation serving
worldwide customers with commercial and government-related aviation and
electronics products; specialty metals for consumer, industrial and aerospace
applications; and industrial and consumer products.
Teledyne Corporate Relations Department 2049 Century Park East Los Angeles, CA
90067-3101 Telephone 310-551-4268
