Litton said its tender offer was oversubscribed.
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Litton Industries said a preliminary count indicated that its shareholders tendered 15.5 million common shares by the Tuesday deadline. The firm intends to buy 11.4 million shares from the public and 3.6 million from Teledyne, which holds 25.8% of Litton’s stock. The purchases are part of a $1.3-billion swap of stock for debt. Litton will limit stock purchases from individual shareholders based on a proration formula.
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