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Takeover Bid Withdrawn
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Business New Haven
6/1/1998
By: Russell Stone
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BRANFORD - In the wake of Echlin Inc.'s (NYSE: ECH) acceptance of a merger agreement with Dana Corp., SPX Corp. has withdrawn the exchange offer it made as part of its attempt at a hostile takeover of Echlin. Arguing that “a value-creating acquisition requires pricing discipline,” SPX Chairman John Blystone said it would not be the interest of SPX shareholders to continue the takeover fight.
Hard Line on Insurance Coverage
NORWALK - Oxford Health Plans Inc. (NASDAQ: OXHP) has been sued by a New York policy-holder for refusing to cover his prescription for the anti-impotence drug Viagra. Though Oxford covered Paul Sidley-Schreiber's initial prescription for 30 50-milligram tablets, it wouldn't pay for the 100-milligram tablets that worked better for the diabetes-sufferer. Sidley-Schreiber's lawyers are seeking class-action status for the lawsuit, which may be expanded to dozens of insurance companies which deny or restrict coverage for Viagra.
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