The pressure on American Standard Inc. tightened yesterday as the Black & Decker Corporation raised its takeover bid to $68 a share, or $2.1 billion.
The Black & Decker Corporation said it would seek a shareholder vote to remove 10 directors of American Standard Inc.
The company also previously suggested selling the Sunbeam unit to the Black & Decker Corporation for about $260 million.
"The current system is unworkable," said Peter Buchheit, the director of travel and meeting services for the Black & Decker Corporation.
"People often consider themselves heavier tool users than they are," said Michael Austin, a product manager at the Black & Decker Corporation.
For the first time in its 90 years, the Black & Decker Corporation is without a Decker.
Kelso emerged as a friendly rescuer after the Black & Decker Corporation had initiated a hostile bid.
The Black & Decker Corporation filed suit today against Delaware's corporate anti-takeover law, just hours after its enactment.
The identity of the bidder could not be determined, but it is understood to be someone other than the Black & Decker Corporation.
American Standard Inc. said that its board would consider the latest unsolicited takeover offer from the Black & Decker Corporation.