Newcor rejects Exx buyout proposal, amends rights plan

BLOOMFIELD HILLS, Mich. (Aug. 7)—Newcor Inc. Aug. 4 officially rejected an offer by Las Vegas-based Exx Inc. to buy out the automotive supplier. Newcor also amended its rights plan, increasing the amount of common stock that Exx and its affiliates, or any other interested suitor, must beneficially own to trigger Newcor´s poison pill to 17.5 percent from 15 percent. Exx, an electronics and toy manufacturers, increased its holdings in Newcor June 29 to 15.1 percent of the supplier´s common stock, slightly more than the rights plan trigger at that time. Exx said in May it would make a bid of $4 per share of Newcor´s common stock, according to documents filed with the Securities and Exchange Commission.