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Anicom, Inc., Rosemont, Ill., acquired Texcan Cables, Vancouver, British Columbia, a specialty distributor in wire, cable, fiber optics and connectivity products, for a combination of cash and stock. Texcan does about $116 million in annual sales through 13 locations in Canada and seven locations in the United States. The purchase price consisted of approximately 1,400,000 shares of Anicom common stock and preferred stock convertible into another 1,400,000 shares of common stock, as well as $27 million in cash and the assumption of $12 million in bank debt. Texcan is Anicom's 16th acquisition in three years.
AMP's battle with AlliedSignal rages on AlliedSignal may withdraw its hostile bid for AMP, Inc., Harrisburg, Pa., if Pennsylvania enacts legislation to impede the takeover attempt. AMP is seeking legislation that would block AlliedSignal from proceeding with its consent solicitation process intended to win enough written approvals from AMP shareholders to elect 17 AlliedSignal representatives to AMP's board. If the law isn't enacted, AlliedSignal will continue with its attempt to purchase 9%, or 20 million shares, of AMP at $44.50 per share. AMP earlier this month revised its poison-pill provision to lower the threshold at which it is enacted to 10% of the company's shares.