Rejecting the first jury verdict to find Dow Chemical Co. liable for faulty breast implants, a judge Tuesday ruled that the company does not have to pay part of a $5.2 million award. District Judge Michael Schneider said he was disregarding a jury's finding that Dow Chemical should pay 20 percent of damages since it gave Dow Corning Corp. "substantial encouragement or assistance" in marketing implants made of inadequately tested materials.
U.S. Shoe Corp. today said it is urging shareholders to vote against the $1.1 billion cash tender offer for the company made by Italian eyewear maker Luxottica Group SpA. In a letter to shareholders, U.S. Shoe said it feels the $24 per share offer by Luxottica is inadequate and not in the best interests of the company or shareholders.
Teledyne Inc., one of the last of the old-style conglomerates, said Tuesday it is putting itself on the auction block in an effort to fend off a formidable proxy battle by spurned suitor WHX Corp. As recently as January, when it sold its electronics division to Litton Industries Inc., Teledyne was saying it planned to continue making acquisitions to build existing businesses.