Rival to Replace Board
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NEWPORT BEACH — Kollmorgen Corp., which in December launched a hostile bid for rival Pacific Scientific Co. in Newport Beach, said Thursday it will mail proxy statements to Pacific shareholders, asking them to vote for a new board of directors.
Waltham, Mass.-based Kollmorgen said it has extended the expiration date for Pacific shareholders to tender their shares until 5 p.m. EST Jan. 28.
As of Tuesday, the original tender offer expiration date, 198,641 shares of Pacific had been tendered and not withdrawn, Kollmorgen said.
The company, a maker of electronic motion-control equipment, said that if its slate of six nominees is elected and replaces the Pacific board, it expects them to approve its $20.50-a-share cash tender offer for Pacific stock.
Pacific Scientific makes electrical equipment.
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