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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) June 27, 1996
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TELEDYNE, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-5212 95-2282626
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(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) Identification No.)
2049 Century Park East
Los Angeles, California 90067-6046
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (310) 277-3311
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Item 5. Other Events.
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On June 27, 1996, Teledyne, Inc. (the "Company") and Allegheny Ludlum
Corporation issued a joint press release, a copy of which is attached hereto as
Exhibit 99.1 and is incorporated herein by reference.
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On June 28, 1996, the Company issued a press release. a copy of which is
attached hereto as Exhibit 99.2 and is incorporated herein by reference.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits. The following exhibits are filed as part of this Current
Report on Form 8-K:
99.1 Press Release dated June 27, 1996
99.2 Press Release dated June 28, 1996
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TELEDYNE, INC.
By: /s/ Douglas J. Grant
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Douglas J. Grant
Treasurer
Date: July 2, 1996
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EXHIBIT INDEX
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Exhibit Description Page
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99.1 Press Release dated June 27, 1996
99.2 Press Release dated June 28, 1996
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE Contact: Bert Delano
Allegheny Ludlum
Corporation
412/394-2813
Rosanne O'Brien
Teledyne, Inc.
310/551-4265
ALLEGHENY LUDLUM AND TELEDYNE ANNOUNCE
CONCLUSION OF JUSTICE DEPARTMENT ANTITRUST REVIEW;
SHAREHOLDER MEETINGS TARGETED FOR MID-AUGUST 1996
PITTSBURGH, PA and LOS ANGELES, Calif., June 27, 1996. Allegheny Ludlum
Corporation (NYSE:ALS) and Teledyne, Inc. (NYSE:TDY) announced today that the
U.S. Department of Justice has closed its antitrust review of the proposed
strategic merger of Allegheny Ludlum and Teledyne. The companies have been
advised that there will be no further action by the Department.
The Companies also announced that they each intend to hold Special Meetings of
Shareholders in mid-August 1996 to vote on the proposed combination, and that
Monday, July 8, 1996 has been established as the record date for the
determination of shareholders entitled to vote at the Meetings. Both Companies
expect to mail proxy materials in the coming weeks.
As previously announced, Allegheny Ludlum and Teledyne entered into a
definitive agreement to combine the businesses of the two Companies pursuant to
which each Company will become a wholly owned subsidiary of Allegheny Teledyne
Incorporated. Under the terms of the definitive agreement, Teledyne
shareholders will receive 1.925 shares of common stock in Allegheny Teledyne for
each of their Teledyne common shares, while Allegheny Ludlum shareholders will
receive one share of common stock in the new company for each of their shares in
Allegheny Ludlum.
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Allegheny Ludlum is a leading producer of a wide range of specialty materials
including stainless steels, electrical steels, tool steels, high technology
alloys and grain-oriented silicon steel.
Teledyne, Inc. is a federation of technology-based manufacturing businesses
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.
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EXHIBIT 99.2
NEWS RELEASE
FOR IMMEDIATE RELEASE CONTACT: Rosanne O'Brien
Teledyne, Inc.
310/551-4265
TELEDYNE ANNOUNCES REDEMPTION OF
SERIES E CUMULATIVE PREFERRED STOCK
LOS ANGELES, California, June 28, 1996. Teledyne, Inc. (NYSE:TDY) announced
today that its Board of Directors has approved the redemption of all of the
outstanding shares of the Company's Series E Cumulative Preferred Stock pursuant
to the terms of the certificate of designation for such Preferred Stock. The
redemption price of $15.00 per share, together with an additional $.60 per
share, representing an amount equal to the dividend payment that would otherwise
be due September 1, 1996, will be payable on August 14, 1996. There are
currently 2,763,722 shares of Series E Cumulative Preferred Stock outstanding.
A Notice of Redemption, together with a Letter of Transmittal to be used to
surrender certificates for the Preferred Stock and to receive the redemption
payment, will soon be forwarded to holders of the Preferred Stock.
Teledyne, Inc. is a federation of technology-based businesses 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.
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