UIS abbr.
Unemployment Insurance Service (美国)失业保险局
- The court also refused UIS's request to invalidate the issuance of the new preferred stock.
- If UIS doesn't sell back its remaining Walbro shares in that time, Walbro will have the right to call the shares at the market price for a two-year period beginning in October 1989.
- Walbro said it sent a letter to its shareholders apprising them of the board's decision and "strongly" urging them not to tender their shares to UIS, a closely held New York-based diversified concern that manufactures auto parts.
- UIS, a closely held diversified New York concern that makes auto parts, owns 8.3% of Walbro.
- Walbro opposed the offer, and UIS countered with a proposal to negotiate acquisition of the entire company.
- Executives of Walbro and UIS couldn't be reached for comment late yesterday.
- UIS's offer is scheduled to expire at midnight Oct. 7, and is subject to a minimum of 2.1 million shares being tendered by the deadline.
- UIS manufactures and distributes auto parts.
- "We find it reprehensible, the action they've taken," said Jeffrey Lehman of Ladenburg, Thalmann & Co. Inc., advisers to UIS.
- UIS maintains that the terms of the sale of preferred stock to General Electric Credit virtually placed voting control of those shares under Walbro's board.
- The filing said that "should such discussions fail," UIS might seek to buy more Walbro shares through a tender offer, in the open market or privately, depending on market conditions and other factors.