TECHNOLOGY - Oct. 22, 1994

Reliance Electric Co. Urges Holders to Wait: The Cleveland-based industrial products concern, responding to a $1.5-billion hostile takeover bid from Seal Beach-based Rockwell International Corp., asked its stockholders not to tender their shares to the firm until Reliance’s board weighs the $30-a-share cash offer. The directors are “carefully considering the terms,” said Reliance, which earlier agreed to merge with General Signal Corp. in a stock swap valued at $1.3 billion. At the same time, shareholders of Reliance filed two lawsuits in Delaware Chancery Court, charging directors with breach of fiduciary duty in connection with Reliance’s proposed takeover by General Signal.