Exx still contemplating Newcor takeover

LAS VEGAS (Aug. 29)—Exx Inc., the electronics and toy manufacturer that made a bid for Newcor Inc. in late June, has increased its holdings in the rubber and plastic parts maker. Exx withdrew its initial offer to purchase shares of Newcor for $4 each Aug. 8 after the Newcor board rejected it Aug. 4 and amended its shareholder rights plan, increasing to 17.5 percent from 15 percent the amount of common stock an interested suitor must beneficially own to trigger the poison pill. Between Aug. 17 and Aug. 24, Exx and Chairman David Segal purchased an additional 72,500 shares, bringing their total holdings to 16.8 percent of outstanding common stock. In documents filed with the Securities and Exchange Commission, Segal said he and Exx may purchase enough additional shares to raise their ownership in excess of the trigger.