Embattled Astec slashes dividend
Saturday 15 August 1998
Meanwhile, Astec announced plans to buy the Advanced Power Systems Business of Nortel, a Canadian telecom equipment group which makes power conversion products for a variety of Nortel products, for $325m in cash.
Earlier this year Emerson Electric, the US giant which owns 51 per cent of Astec's shares, attempted to buy out the remaining minority. At the time, Emerson warned that if its offer - which was pitched at the market price of 111p per share - was rejected, it would use its clout on Astec's board to stop dividend payments.
Institutional shareholders, including Electra Fleming, Royal & SunAlliance and Equitable Life - challenged the threat in the courts, but their case was thrown out.
Since then, Astec shares have drifted downward. Yesterday, they closed down 2.5p at 80p.
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